Bill as submitted to the Hopper of the Federal Assembly, 1719
A
BILL
TO
Promote Market-Based Solutions to Environmental Issues, Support the Development of Renewable Energy, and Create a National Conservation Service; Among Other Purposes.
SUSTAINABLE DEVELOPMENT AND ENVIRONMENTAL PROTECTION ACT, 1719
Ordered, by the Federal Assembly of Nouvelle Alexandrie,
to be Printed, 1719AN.
_______________________________
BE IT ENACTED by the King’s Most Excellent Majesty, by and with the advice and consent of the Federal Assembly, in this present session assembled, and by the authority of the same, as follows:-
Enacting authority. This Act is made under Chapter I, Article 2 of the Proclamation of Punta Santiago, which places inter-regional commerce, national solidarity, and public health among the powers of the federal government and confers "all other subject matters which by their very nature or as a corollary to the subjects listed have to be centralized on the national level." The legislative power of the Federation is vested in the Cortes Federales by Chapter IV, Article 38. The market-based instruments and national targets established by this Act apply throughout the Federation, their implementation within each Region resting with the regional governments.
PART I GENERAL PROVISIONS.
Article 1: Short Title.
This act shall be known as the Sustainable Development and Environmental Protection Act, 1719.
Article 2: Definitions.
"Emissions trading" means a market-based approach to controlling pollution by providing economic incentives for reducing the emissions of pollutants.
"Carbon offsets" means a reduction in emissions of carbon dioxide or other greenhouse gases made to compensate for an emission made elsewhere.
"Green bonds" means a type of fixed-income instrument that is specifically earmarked to raise money for climate and environmental projects.
"Ecotourism" means responsible travel to natural areas that conserves the environment, sustains the well-being of the local people, and involves interpretation and education.
PART II MARKET-BASED SOLUTIONS TO ENVIRONMENTAL ISSUES.
The system shall be designed to incentivize the private sector to adopt more sustainable practices and reduce overall emissions by setting a cap on the total amount of emissions allowed and allowing companies to buy and sell emissions allowances.
The Department of Energy and Environment shall set national emissions reduction targets in consultation with the Regions of Nouvelle Alexandrie, taking into account international agreements, scientific recommendations, and the country's economic and social development needs.
Each Region of Nouvelle Alexandrie shall be responsible for implementing and managing the emissions trading system within their jurisdiction in accordance with the national targets and guidelines set by the Department of Energy and Environment.
The Regions shall establish their own regional emissions caps and allocation of allowances, taking into account their respective industrial profiles and emissions reduction potential.
The Regions shall be responsible for monitoring and enforcing compliance with the emissions trading system within their jurisdiction, including verifying emissions reports, tracking allowance trading, and imposing penalties for non-compliance.
The Department of Energy and Environment shall establish a centralized registry to record and track emissions allowances and transactions for the entire nation. This registry will facilitate transparency and coordination between the Regions and ensure a robust, efficient, and accountable emissions trading system.
The centralized registry shall be regularly updated and maintained by the Department of Energy and Environment, with data provided by the Regions.
The registry shall be accessible to the public, allowing for transparency and stakeholder engagement in the emissions trading system.
The Department of Energy and Environment shall periodically review and adjust the emissions trading system, including the national targets and cap levels, in consultation with the Regions and relevant stakeholders. This process shall take into account the latest scientific data, technological advancements, and economic factors to ensure continuous improvement and effectiveness of the emissions trading system in achieving its goals.
Article 4: Carbon Offsets.
The Department of Energy and Environment shall develop a national carbon offset program that allows individuals, companies, and governments to invest in environmental projects to offset their carbon emissions.
The program shall include guidelines for the types of projects that can qualify as carbon offsets, such as reforestation, renewable energy projects, and methane capture projects, among others.
The Department of Energy and Environment shall set national targets for carbon offset investments in consultation with the Regions of Nouvelle Alexandrie, taking into account the country's emissions reduction goals and the potential for offsets to contribute to achieving those goals.
Each Region of Nouvelle Alexandrie shall be responsible for implementing and managing the carbon offset program within their jurisdiction, in accordance with the national targets and guidelines set by the Department of Energy and Environment.
The Regions shall establish their own regional offset project registries, approve and register eligible projects, and monitor the progress of projects in achieving emissions reductions.
The Regions shall also be responsible for providing support and incentives to individuals, companies, and governments seeking to invest in carbon offset projects, including technical assistance, financial incentives, and public recognition.
The Department of Energy and Environment shall establish a centralized tracking system to record and verify emissions reductions resulting from carbon offset projects across all Regions.
The Department of Energy and Environment shall periodically review and update the national carbon offset program, including the national targets and guidelines, to ensure its effectiveness in achieving emissions reduction goals and promoting sustainable development, in coordination and consultation with regional governments.
Article 5: Green Bonds.
The Department of the Treasury shall facilitate the issuance of green bonds by public and private entities to raise capital for projects that have environmental benefits, such as renewable energy, energy efficiency, and climate change mitigation.
The Department of the Treasury shall establish standards for green bonds to ensure that the funds raised are used for projects that meet specific environmental and sustainability criteria. These standards shall include:
A clear definition of eligible green projects, including categories such as renewable energy, energy efficiency, pollution prevention and control, sustainable agriculture, and sustainable water management, among others.
Requirements for the disclosure and reporting of the environmental impacts and benefits of funded projects, including the use of recognized methodologies for quantifying greenhouse gas emissions reductions and other environmental benefits.
Procedures for the independent verification and certification of green bonds, including the appointment of qualified third-party verifiers to assess the compliance of issued bonds with the established standards.
The Department of the Treasury shall provide support and incentives for the issuance of green bonds, including:
Technical assistance to public and private entities seeking to issue green bonds, including guidance on the preparation of documentation, the selection of eligible projects, and the calculation of environmental benefits.
Financial incentives, such as tax exemptions or preferential interest rates, for the issuance of green bonds that meet the established standards and contribute to the nation's environmental and sustainability goals.
Financial incentives, such as tax exemptions or preferential interest rates, for the issuance of green bonds that meet the established standards and contribute to the nation's environmental and sustainability goals.
The Department of the Treasury shall periodically review and update the standards and incentives for green bonds to ensure their continued effectiveness in promoting environmentally beneficial projects and attracting investment in the sustainable development of the country.
The Department of the Treasury shall collaborate with other relevant government agencies, such as the Department of Energy and Environment, as well as regional and local authorities, to promote the issuance of green bonds and to identify and support projects that meet the established criteria for environmental and sustainability benefits.
PART III RENEWABLE ENERGY DEVELOPMENT.
Article 6: Renewable Energy Development.
The Department of Energy and Environment shall develop and implement policies and programs to support the research, development, and deployment of renewable energy sources, such as solar, wind, and hydroelectric power.
The Department of Energy and Environment shall establish a national renewable energy target, with the goal of reducing the nation's reliance on fossil fuels and enhancing energy security.
Incentives, such as tax credits, grants, and low-interest loans, shall be provided to encourage the private sector to invest in renewable energy projects.
The Department of Energy and Environment shall collaborate with other relevant departments to ensure that renewable energy projects align with environmental protection goals and contribute to sustainable development.
PART IV NATIONAL CONSERVATION SERVICE.
Article 7: Establishment of the National Conservation Service.
The Department of Labor, in coordination with the Department of Energy and Environment, shall establish a National Conservation Service to mobilize the unemployed and volunteers for conservation projects throughout the country.
The National Conservation Service shall offer paid employment opportunities, as well as training and educational programs, for individuals interested in working on conservation projects.
The National Conservation Service shall work with local communities, non-governmental organizations, and other relevant stakeholders to identify and prioritize conservation projects that address pressing environmental challenges, such as habitat restoration, invasive species removal, and reforestation.
The National Conservation Service shall also provide support for ecotourism initiatives, such as the development of sustainable tourism infrastructure and the promotion of responsible travel practices.
PART V.
'CLOSING PROVISIONS.
Article 8: Appropriations.
The amounts necessary for the implementation of this Act are hereby appropriated from available funds not otherwise appropriated.
Article 9: Closing Provisions.
This act shall apply to all of the Federation of Nouvelle Alexandrie.
This act shall not become law unless it has been given Royal Assent.
This act shall be published and made publicly available.
This act shall take effect on its approval.
If any provision of this act, or the application thereof to any person or circumstance, is held invalid, the remainder of the act, and the application of such provision to other persons or circumstances, shall not be affected thereby.
Constitutional authority
The Act rests on the powers the Proclamation of Punta Santiago reserves to the federal government, principally inter-regional commerce and national solidarity in Chapter I, Article 2, with the legislative power vested in the Cortes Federales by Chapter IV, Article 38. The emissions trading system, the carbon offset program, green bond standards, and national renewable energy targets operate as instruments of inter-regional commerce and national environmental policy. The Act leaves each Region to set its own caps, registries, and enforcement within the national framework.
Coordination with other environmental legislation
The Act provides the market-based framework within Nouvelle Alexandrie's environmental legislation, administered by the Department of Energy and Environment, and covers emissions trading, carbon offsets, green bonds, renewable energy, and the National Conservation Service. Its emissions trading system is complemented by the regulatory air quality standards of the Clean Air Act, 1736, which the same Department administers through the Bureau of Air Quality Management. Water policy is addressed separately by the Water Security and Conservation Act, 1718, covering supply and conservation, and the Clean Water Act, 1735, covering quality and pollution control.
National renewable energy target
Article 6 requires the Department of Energy and Environment to establish a national renewable energy target, but fixes no value in statute and sets no deadline for revision. The Department set the target at an advisory 20% after the Act's passage. As of 1758AN it had neither revised the figure nor made it binding, and renewable sources supplied about 35% of national demand.
From 1722AN the work of expanding renewable generation was carried by the Renewable Energy Development Authority, the subordinate agency that drafts the Department's renewable-energy regulations. The target-setting duty remains in force in 1758AN.
