Climate Action and Low Carbon Development (Amendment) Act 2021

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Amendment of section 37B of National Oil Reserves Agency Act 2007

20. Section 37B of the National Oil Reserves Agency Act 2007 is amended—

(a) in subsection (9)—

(i) by the insertion of the following paragraphs after paragraph (c):

“(ca) to support projects that seek to increase climate resilience in the State;

(cb) to support nature based projects that enhance biodiversity and seek to reduce, or increase the removal of, greenhouse gas emissions or support climate resilience in the State;”,

(ii) by the substitution, in paragraph (d), of the following subparagraphs for subparagraph (iii):

“(iii) increase energy efficiency in the State,

(iv) increase climate resilience in the State,

(v) increase the removal of greenhouse gas in the State,

(vi) enhance biodiversity through nature based projects that seek to reduce, or increase the removal of, greenhouse gas emissions or support climate resilience in the State;”,

and

(iii) by the substitution, in paragraph (e), of the following subparagraphs for subparagraph (iii):

“(iii) increasing energy efficiency in the State,

(iv) increasing climate resilience in the State,

(v) increasing the removal of greenhouse gas in the State,

(vi) enhancing biodiversity through nature based projects that seek to reduce, or increase the removal of, greenhouse gas emissions or support climate resilience in the State;”,

and

(b) by the substitution of the following subsection for subsection (15):

“(15) In this section—

‘Act of 2015’ means the Climate Action and Low Carbon Development Act 2015 ;

‘biodiversity’ has the same meaning as in the Act of 2015;

‘financial year’ means the financial year of the Climate Action Fund;

‘greenhouse gas’ has the same meaning as in the Act of 2015;

‘nature based project’ means a solution that is inspired and supported by the process and functioning of nature, which is cost-effective and provides environmental, social and economic benefits and helps to build resilience;

‘removal’ has the same meaning as in the Act of 2015.”.