Regulator function
The New Vehicle Efficiency Standard (NVES) regulator is responsible for enforcing and implementing compliance with the New Vehicle Efficiency Standard Act 2024 (NVES) by administering legislation that sets annual emissions targets for new passenger and commercial vehicles entered onto the Register of Approved Vehicles.
The NVES establishes a market for units which recognise fleets that perform better than their targets in a given year, and supports trading of these units between regulated entities.
