The Carbon Accounting Regulations 2009

Duty to cancel carbon units at the end of the 2008–2012 budgetary period

8.—(1) It is the duty of the Secretary of State, during a period beginning with 1st January 2013 and ending with 15th May 2014, to ensure that carbon units have been cancelled in accordance with this regulation.

(2) Each carbon unit in the credit account must be cancelled.

(3) An additional amount of carbon units must be cancelled, calculated as follows—

Where—

A is the additional amount of carbon units to be cancelled;

B is the relevant share of the UK assigned amount;

C is the level of the carbon budget;

D is the amount of carbon units cancelled under paragraph (2);

E is the amount of carbon units cancelled under paragraph (2) in relation to which no declaration was made under regulation 5(2)(b);

F is the net amount of emissions of targeted greenhouse gases into the atmosphere due to land use, land use change and forestry activities in the United Kingdom during the 2008–2012 budgetary period, calculated in accordance with international carbon reporting practice; and

G is the net amount of emissions of targeted greenhouse gases into the atmosphere due to land use, land use change and forestry activities in the United Kingdom during the 2008–2012 budgetary period, calculated in accordance with paragraphs 3 and 4 of Article 3 of the Kyoto Protocol.

(4) If the Secretary of State fails to cancel the required amount of carbon units in accordance with this regulation then, immediately after the expiry of the period mentioned in paragraph (1), an amount of carbon units equal to the shortfall is to be debited from the net UK carbon account in respect of the 2008–2012 budgetary period.