Malaysia legislation
Section 12
of ENVIRONMENT (REDUCTION OF GREENHOUSE GASES EMISSION) ORDINANCE, 2023
Section 12
⎯(1)
Application for issuance of Carbon Credit Units for undertaking activities or projects for reduction or abatement of carbon emission in the State shall be made to a Carbon Standard Administrator.
17
(2)
The Carbon Standard Administrator, upon being satisfied that the entitlement to the Carbon Credit Units has been verified and confirmed based on the submission in subsection (1), shall determine, in accordance with section 13, the number of Carbon Credit Units to be issued for the activity or project referred to in subsection (1) having regard to the applicable Carbon Standards.
(3)
Such application made in subsection (1) shall be notified to the Registrar in a prescribed form, among others contain, on following:
(a)
full details and description of the activity or project undertaken;
(b)
volume of CO2 captured and either used for other applications or the making of other products or where there are stored permanently;
(c)
report of the verification undertaken by a Carbon
Standard Administrator for the issuance of Carbon Credit Units;
and
(d)
such other details as the Registrar may require.
(4)
The Carbon Standard Administrator shall notify the
Registrar:
(a)
the issuance of Carbon Credit Units under subsection (2)
and provide him with all details of the Carbon Credit Units issued including the name of the owner of such Carbon Credit Units; and
(b)
any subsequent trading, sale, transfer, cancellation, or retirement of the Carbon Credit Units issued.
(5)
It shall be the duty of the person undertaking the activities or projects in the State which have been issued with Carbon Credits
Units to ensure that the Carbon Standard Administrator furnish to the
Registrar all the information required under subsection (4) and if so required, provide written authorization to the Carbon Standard
Administrator to furnish the same to the Registrar.
(6)
The Registrar upon receipt of the information referred to in subsection (4) shall make appropriate entry in the Carbon Register
18
relating to the issuance, sale, transfer, cancellation, and retirement of
Carbon Credit Units:
Provided that the Registrar shall not register any Carbon Credit
Units unless he is satisfied that the issuance thereof complied with the criteria specified by Majlis Mesyuarat Kerajaan Negeri by the rules made under section 57.
Crediting period