Carbon units

3.—(1) For the purposes of Part 1 of the Climate Change Act 2008 the following are carbon units—

(a) assigned amount units;

(b) European Union allowances;

(c) certified emission reductions;

(d) emission reduction units; and

(e) removal units.

(2) Each carbon unit has a value of 1 tonne of carbon dioxide equivalent.

(3) In this regulation—

“certified emission reduction” means a unit issued under Article 12 of the Kyoto Protocol and the decisions adopted under the UNFCCC or the Kyoto Protocol; and

“emission reduction unit” means a unit issued under Article 6 of the Kyoto Protocol and the decisions adopted under the UNFCCC or the Kyoto Protocol.