Malaysia legislation
Section 20
of ENVIRONMENT (REDUCTION OF GREENHOUSE GASES EMISSION) ORDINANCE, 2023
Section 20
⎯(1) A Carbon Credit Units may be retired, in accordance with the applicable Carbon Standard Rules, when a carbon storage site to which the Carbon Credit Units relates to, is closed under the Carbon
Storage Rules.
(2)
The retirement of a Carbon Credit Units occurs when the Unit is sold or purchased and taken out of circulation forever, never to be
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traded and exchanged or has been used for the payment of carbon levy as provided under section 24.
(3)
Where a Carbon Credit Units has been offset or has been claimed against the amount of greenhouse gas emission from a business facility, plant or premises, it shall be retired and taken out of circulation to ensure that it is not claimed twice.
(4)
Where there has been any retirement of Carbon Credit Units, the Carbon Standard Administrator with whom the Carbon Credit Units are registered and the person who immediately prior to such retirement who is the owner of the Carbon Credit Units, shall report the same electronically in a prescribed form, to the Registrar who shall then make an appropriate entry in the Carbon Register.
Issuance of Carbon Credit Units