The Climate Change (Amendment) Act, no. 9 of 2023.

This Act provides for amending the 2016 Climate Change Act, by introducing new definitions, and replacing sections. This Act defines: aggregate earnings, as total of all income in a carbon project; carbon budget, as the approved quantity of greenhouse gas emission that is acceptable over a specified time; carbon credits; carbon market; carbon project; carbon offset; carbon standards; community; mitigation outcomes; nature-based solutions; non-market approaches; reduced emissions from deforestation and forest degradation; share of proceeds, as the levies from activities under the Paris Agreement, used to cover administrative expenses. Amendments concern: guidance in the development and implementation of carbon markets; reviewing and recommending the level of compliance with international climate commitments; identification of past, current and projected sector-based greenhouse gases emission profile; insertion of a new Part focusing on the regulation of carbon markets, including: trade in carbon markets; participation in carbon markets, as a result of a bilateral or multilateral trading agreement; promoting the mitigation of greenhouse gas emissions, while fostering sustainable development; environmental impact assessment; provision of social and environmental benefits; public land-use projects; dispute resolution; fees; offences and penalties.