These regulations amend the Climate Change (Auctions, Limits, and Price Controls for Units) Regulations 2020 (the principal regulations). There are 2 main amendments, which commence in 2 stages.

First, these regulations replace the tables in the principal regulations (which currently prescribe unit limits and price control settings for 2023 to 2027) with revised limits and settings for 2023 to 2027. That amendment comes into force on 1 November 2023. Ordinarily, regulations prescribing unit limits and price control settings come into force no earlier than 3 months after the date of their publication under the Legislation Act 2019 (see section 30H(3)(a) of the Climate Change Response Act 2002). However, in light of the High Court’s decision in Lawyers for Climate Action NZ Incorporated v Minister of Climate Change [2023] NZHC 1835, the Minister of Climate Change considers it in the national interest that revised 2023 to 2027 limits and settings be prescribed urgently (see section 30H(3)(b) of the Climate Change Response Act 2002).

Second, these regulations replace the tables in the principal regulations (as inserted by the above amendment) with the limits and settings for 2024 to 2028. That amendment comes into force on 1 January 2024.

These regulations also update cross-references.