Climate Change Fund
4(1)There is established a fund called the Climate Change Fund.
4(2)The Minister of Finance and Treasury Board shall be the custodian of the Fund and the Fund shall be held in trust by the Minister of Finance and Treasury Board.
4(3)All interest arising from the Fund shall be paid into and form part of the Fund.
4(4)The Minister of Finance and Treasury Board may invest the money in the Fund in the manner authorized by the
Trustees Act and may invest in securities issued under the
Provincial Loans Act.
4(5)The Fund may receive direct contributions.
4(6)When the contributions are made by individuals, partnerships or corporations under subsection (5), the contributions shall be deemed to be gifts to the Crown in right of New Brunswick.
4(7)Subsection (6) does not apply to contributions made by a department or agency of the Government of New Brunswick or of Canada or a provincial or federal Crown corporation.
4(8)The Fund shall be credited with the following amounts:
(a)
Repealed: 2019, c.1, s.2
(b)
gifts and legacies paid into the Fund;
(c)
the income generated by the investment of the sums credited to the Fund;
(c.1)
any amount paid into the Fund by a regulated facility for the purchase of a fund credit;
(d)
amounts paid into the Fund in accordance with the regulations;
(d.1)
amounts paid as administrative penalties under this Act and the regulations;
(d.2)
amounts paid in accordance with paragraph 8.4(2)(c) to fulfil a compliance obligation;
(d.3)
amounts paid as interest under this Act and the regulations; and
(e)
any other money received by the Fund.
4(9)The assets of the Fund may be used
(a)
to pay the costs of measures for
(i)
greenhouse gas reduction, limitation, avoidance or capturing;
(ii)
the mitigation of the economic and social impact of greenhouse gas emission reduction efforts;
(iii)
public education, outreach and engagement related to climate change;
(iv)
adaptation to current and future climate conditions;
(v)
the development of regional and international partnerships related to climate change and New Brunswick’s participation in such regional and international partnerships;
(vi)
research into and the development and demonstration of measures that may lead to greenhouse gas emission reductions or adaptation to current and future climate conditions;
(vii)
the development of climate change policy and the measurement, tracking and reporting of climate change initiatives; and
(viii)
the attainment of any other purpose related to climate change that is prescribed by regulation;
(b)
to reimburse any department or agency of the Government of New Brunswick or any provincial Crown corporation that makes an advance to cover the costs of measures referred to in paragraph (
a); and
(c)
to pay the fees and expenses of an expert engaged under subsection (13).
4(10)For greater certainty, the assets of the Fund may be used to pay any operating or capital expenditure related to any measure referred to in subsection (9).
4(11)Payments for the purposes of subsection (9) shall be a charge on and payable out of the Fund.
4(11.1)Any amount that is required to be paid into the Fund under this Act and the regulations that remains unpaid is a debt due to the Crown in right of the Province, bears interest at the rate prescribed by regulation from the date it becomes due and may be recovered by action in the name of the Crown in right of the Province in a court of competent jurisdiction.
4(12)The Minister shall appoint a Climate Change Fund Advisory Board consisting of a chair and not fewer than four members to advise the Minister on matters relating to subsections (8) and (9).
4(13)The Minister may engage the services of an expert to advise the Minister on matters relating to subsection (9).
2019, c.1, s.2; 2019, c.29, s.26; 2020, c.3, s.5