46New credits to be created every 2 years

46 New credits to be created every 2 years

46 New credits to be created every 2 years

(1) The EPA is to create 200 credits in the scheme every 2 years, for the purpose of replacing the 200 credits that expire every 2 years.

Note—

Clause 40 (now repealed) required the EPA to create 1,000 credits on the creation of the scheme, of which:

(a) 200 had a lifespan ending on 30 June 2004, and

(b) 200 had a lifespan ending on 30 June 2006, and

(c) 200 had a lifespan ending on 30 June 2008, and

(d) 200 had a lifespan ending on 30 June 2010, and

(e) 200 had a lifespan ending on 30 June 2012.

(2) The credits are to have a lifespan of 10 years.

(3) The 10-year lifespan of the credits so created must not start until the end of the lifespan of the credits that they replace, so that at no stage will there be more than 1,000 credits in force.

(4) However, a credit may be sold by the EPA before its lifespan starts.

cl 46: Am 2016 (775), Sch 1 [39].