Cap. 643 Art. 24Climate Action Fund.

(1) The Minister may, in consultation with the Minister responsible for finance, by order establish and maintain a Climate Action Fund.

(2) The Climate Action Fund shall be replenished from:

(a) revenues accruing to the Government from its participation in and implementation of market-based measures relating to climate action adopted pursuant to international treaties or European Union legislation, including inter alia, from the auctioning of allowances pursuant to Directive 2003/ 87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC, as may be amended or replaced from time to time;

(b) revenues generated by the Government through the implementation of national measures relating to the reduction or limitation of greenhouse gas emissions;

(c) any donation or grant made to the Fund by individuals or institutions; and

(d) any amounts or monies, as may from time to time, be provided by, or under this Act, or any other law.

(3) The Climate Action Fund shall be set up in accordance with this article and it shall be administered by the Authority as established by this Act.

(4) The Climate Action Fund referred to in this article shall be applied to:

(a) support the fulfilment of the obligations set out in this Act and any regulations made thereunder;

(b) support the fulfilment of the Government’s obligations and commitments established by the UNFCCC and European Union legislation; and

(c) the provision of financial support to and the promotion, facilitating and financing of the transfer of, and access to environmentally sound technologies and know-how or capacity for national requirements and developing countries, in accordance with obligations and commitments of the Government pursuant to international treaties.