This Act, consisting of 270 sections and four Schedules, implements New Zealand’s international obligations under the Kyoto Protocol to the United Nations Framework Convention on Climate Change.; The purpose of the Act is to enable New Zealand to meet its obligations to: retire Kyoto units equal to the number of tonnes of carbon dioxide equivalent of human-induced greenhouse gases emitted from the sources listed in Annex A; and report to the Conference of Parties under Article 7 of the Protocol and Article 12 of the Convention.; The Act includes powers for the Minister of Finance to manage New Zealand’s holdings of units that represent New Zealand’s target allocation for greenhouse gas emissions under the Protocol. It enables the Minister to trade those units on the international market. It establishes a registry to record holdings and transfers of units.; The Act also establishes an inventory agency to record and report information relating to greenhouse gas emissions in accordance with international requirements.; The Act further provides for the following matters: authorization and powers of inspectors; offences and penalties; regulation making powers of the Governor-General; etc.
Climate Change Response Act, 2002.