Climate Change (Carbon Markets) Regulations, Legal Notice no. 84 of 2024.

These Regulations, made under sections 23A (2), 23E (9) and 23 I of the Climate Change Act, provides for: implementing carbon projects; creating incentives to support greenhouse gases emissions reduction and removal targets in line with Nationally Determined Contribution; establishing guidelines on the annual social contribution for carbon projects. The Regulations define the following relevant terms: annual social contribution, as sharing of annual benefits accruing from carbon projects; community carbon project, undertaken on community land; community development agreement; compliance carbon market; land-based and non-land based carbon project; private and public carbon project. The Regulations concern: reduction or removal of greenhouse gas emissions; governance and institutional framework; powers and duties of Designated National Authority, including: considering and making determinations on carbon projects, monitoring registered carbon projects, keeping and updating a list of recognised carbon standards; establishment of a multi-sectoral technical committee; establishment of the National Registrar and specification of its functions; carbon credit trading; carbon projects requirements, including: compliance with specific standards, ownership of the property involved in the project, involvement of local communities in the projects, projects' contribution to sustainable development and alleviation of poverty, community development agreements where the carbon project is undertaken on public or community land.
Further matters covered by these Regulations include: environmental and social impact assessment; certification of each carbon project; procedures for developing carbon projects; funds to be paid into the Climate Change Fund; dispute resolution; liability; general penalties.