Limit on the net amount of carbon units2.
(1)
The limit on the net amount of carbon units3 that may be credited to the net UK carbon account for the 2023-2027 budgetary period is 55,000,000 carbon units.
(2)
Carbon units credited to or debited from the net UK carbon account as a result of the operation of the EU ETS in respect of each year of the 2023-2027 budgetary period in accordance with regulations made under section 27(3) of the Climate Change Act 2008 do not count towards the limit in paragraph (1).
(3)
In this article, “EU ETS” means the EU Emissions Trading System established by Directive 2003/87/EC of the European Parliament and of the Council4 and includes any replacement for that emissions trading system that has effect for any part of the 2023-2027 budgetary period.