Clause 11

in subsection (1)(a), delete “carbon credits” and substitute “fixed‑price carbon credits, or both fixed‑price carbon credits and eligible international carbon credits,”;

in subsection (2)(a), delete “a registry account” and substitute “an FPCC registry account”;

in subsection (2), delete “the registry account” and substitute “the FPCC registry account”;

in subsection (2), delete “carbon credits” and substitute “fixed‑price carbon credits”;

after subsection (2), insert —“(2A) To avoid doubt, the fixed-price carbon credits refunded under subsection (2) must be at the carbon price applicable for the purchase of fixed‑price carbon credits in the year in which the refund is made.(2B) Where the amount of the refund results in there being a fraction of a fixed‑price carbon credit mentioned in subsection (2A), the resulting number of fixed‑price carbon credits is to be rounded down to the nearest whole number of such fixed‑price carbon credits.(2C) No claim may be brought against the Government or the Agency for any value represented by the fraction of a fixed‑price carbon credit mentioned in subsection (2B).”;

in subsection (4), delete “carbon credit” (wherever it appears) and substitute “fixed‑price carbon credit”; and

in subsection (4), delete “registry account” and substitute “FPCC registry account”.