Regulation 89 Meaning of “transaction in a carbon emission trading product”

— For the purposes of regulation 81(g) a “transaction in a carbon emission trading product” means a transaction—

where the transaction does not otherwise fall within any other paragraph of that regulation.

For the purposes of this regulation—

• “Community tradable emissions allowances” means transferable allowances which relate to the making of emissions of greenhouse gases, and are allocated as part of a system made for the purpose of implementing any community obligation of the United Kingdom relating to such emissions;

• “the Kyoto Protocol” means the Kyoto Protocol to the United Nations Framework Convention on Climate Change signed at Kyoto on 11th December 1997^f1;

• “units” includes assigned amount units, certified emission reductions, emission reduction units and removal units.