Carbon Credits Trading (General) (Amendment) Regulations, 2023 (No. 1).

he Carbon Credits Trading (General) (Amendment) Regulations, 2023 (No. 1) stipulate amendments to the Carbon Credits Trading (General) Regulations), 2023, published in Statutory Instrument 150 of 2023 (hereinafter called “the principal regulations”). The amendments include the repeal and substitution of subsection (1) of section 11, mandating that all existing carbon credit projects deemed null and void shall be granted a period of 45 days from the gazetting of the amendment regulations to comply with the provisions of section 8. Furthermore, section 12 of the principal regulations is amended by the repeal and substitution of subsection (1), delineating the allocation of proceeds from carbon credit trading for the first ten years of the project. Seventy percent of the proceeds shall be retained by the Project Proponent, while thirty percent shall constitute an Environmental Levy to be deposited in the Environment Fund and distributed in accordance with the Seventh Schedule. The Seventh Schedule is amended to specify the distribution of the Environmental Levy, including allocations for investment in climate change adaptation and low carbon development projects, loss and damage relief fund, appropriate authority and local authority levies, administrative costs and capacity enhancement of the Authority, Registry, and Carbon Credit Trading Committee, and Treasury fiscal requirements.