Sch 5 para 7 Banking an overachieved emissions target
(1) ... In this paragraph “ bankable amount ” in relation to a scheme year means the difference between— (a) the emissions target for that year; and (b) the amount of reportable emissions stated in the emissions report for that year. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) Subject to sub-paragraphs (5) and (8) , where for any scheme year (“S”) the bankable amount is greater than zero the regulator— (a) may increase the emissions target for the installation for the following scheme year by the bankable amount; and (b) must in that case vary the permit by substituting that increased emissions target for the existing target. (5) ... If increasing the emissions target under sub-paragraph (4) would result in an emissions target which exceeds the maximum amount, the increased emissions target must instead be equal to the maximum amount. (6) Where the amount of reportable emissions stated in the emissions report for S is amended following a determination of emissions under regulation 44(3), the regulator must— (a) calculate the bankable amount using the data as so determined; and (b) where an increased emissions target has been substituted under sub-paragraph (4)(b), make a further variation of the permit to substitute a revised emissions target. (7) Subject to paragraph (8), where an increased emissions target for a scheme year has been substituted following an application under paragraph 6(1), but the application was determined in the following year, the regulator must— (a) calculate any bankable amount for the scheme year using that increased target; and (b) vary the permit to substitute a revised emissions target for the following year, based on the amount so calculated. (8) The regulator may not vary an emissions target under sub-paragraph (4)(a) or (7)(a) for a scheme year which begins after the end of the allocation period during which any increase has occurred.