Act on trading greenhouse gas emission allowances.

This Act establishes principles of functioning of the trading greenhouse gas emission allowances system. The aim of this system is to limit emissions in a more profitable and economically effective way. The system includes greenhouse gas emissions from installations and from aerial operations. The emissions from installations concern carbon dioxide (CO2), nitrous oxide (N2O) and perfluorocarbons (PFCs). The emissions from aerial operations concern carbon dioxide (CO2). The present Act is composed of the following sections: General provisions (Sec. 1); Account management in the registry of European Union (Sec. 2); Administration of emission allowances held on accounts in the European Union registry and transfer of these allowances (Sec. 3); General provisions of granting allowances to installations (Sec. 4); Granting allowances for production other than production of electrical energy (Sec. 5); Granting allowances for installations producing electrical energy (Sec. 6); Granting allowances to operators of aircrafts (Sec. 7); Auctions of allowances (Sec. 8); Authorization for the emission of greenhouse gases (Sec. 9); Granting allowances to new installations (Sec. 10); Change of the allocated number of emission allowances in case of a significant reduction of the production capacity or partial or complete cessation of operations (Sec. 11); Monitoring of emissions from aerial operations and installations (Sec. 12); The use of emission reduction units and certified emission reduction units (Sec. 13); Administrative penalties (Sec. 14); Changes in valid provisions (Sec. 15); Transitional and final provisions (Sec. 16).