Carbon Pricing Act 2018 · 2020 Revised Edition · Part 5 · Carbon Pricing
31A. Conversion of fixed-price carbon credits upon change in carbon price
Feedback & supportLast amended by an amending law of 2022.
Where in any year (year X) —
a registered person has in its FPCC registry account any fixed-price carbon credits purchased at the carbon price for year X-1; and
the carbon price for year X differs from the carbon price for the year X-1,the Agency must convert the fixed-price carbon credits purchased at the carbon price for year X-1 into such number of fixed‑price carbon credits as if they had been purchased in year X, by applying the formulawhere —
R is the number of fixed-price carbon credits in the account that were purchased at the carbon price for year X-1;
S is the carbon price for the purchase of fixed‑price carbon credits in year X-1; and
T is the carbon price for the purchase of fixed‑price carbon credits in year X.
Where the adjustment under subsection (1) results in there being a fraction of a fixed-price carbon credit, the resulting number of fixed‑price carbon credits is to be rounded down to the nearest whole number of such fixed‑price carbon credits.
fixed-price carbon credit
“fixed-price carbon credit” means a carbon credit mentioned in section 26;
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 (2).
Agency
“Agency” means the National Environment Agency established by the National Environment Agency Act 2002;