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Climate change and carbon market initiatives Act (No. 15 of 2022)

The objectives of this Act are to enable the Government to create incentives and implement initiatives to support the overall global target of greenhouse gas emissions reduction consistent with its Nationally Determined Contributions; to ensure compliance of the Paris Agreement, and to enable the establishment of a market to trade in carbon credits.

Highlights

Active transparency (articles 10, 27 and 28)

The Advisory Council shall provide transparent and accountable reporting on the matter of carbon sales and emission status.

The act establishes a National Emissions Registry that will indicate the initiatives implemented to reduce GHG; permits granted to participate in an initiative under this Act; and other related information.

Participation in environmental matters (articles 9 and 10)

The Prime Minister shall appoint an advisory council consisting of no more than seven persons with representatives from among government, the private sector, civil society, including but not limited to, representatives of national, international, research and scientific organizations to serve as a technical advisory body to a management company and to provide technical advice and recommendations to the Prime Minister on the trade of carbon assets and the management of carbon assets. In carrying out its responsibilities, the Advisory Council shall consult with local and international experts on the measurement, reporting and verification of carbon assets, as standards and requirements evolve over time.

Education (article 18(g))

The Prime Minister shall cause institutional arrangements to support capacity building activities through the various ministries and through regional, bilateral, and multilateral approaches.

Country

Date

20/05/2022

Last reform

20/05/2022

Type

Laws and regulations

Right

SDG Target

16.10