Carbon Fund Act 2007, Number 12 of 2007
The Act creates a Carbon Fund to enable the acquisition by the State of Kyoto Units in order to meet international targets following the 1997 Kyoto Protocol. The Carbon Fund is to be managed and directed by the Minister for the Environment, Community and Local Government while its day to day administration is to be carried out by the National Treasury Management Agency (NTMA). The Minister may direct the NTMA to purchase or sell Kyoto Units pursuant to international agreements or surplus requirements.
The NTMA is to finance the acquisition of Kyoto Units by requesting funding from the Central Fund. Such requests are then reviewed and decided upon by the Minister for Finance. Approved funds will subsequently be repaid as deemed appropriate by the Minister for the Environment, Community and Local Government.