Commonwealth Consolidated Acts

CARBON CREDITS (CARBON FARMING INITIATIVE) ACT 2011 - SECT 70

Scope

  (1)   This section applies to an eligible offsets project if:

  (a)   the project was an eligible offsets project immediately before the commencement of this Part; and

  (b)   the project is not covered by the Carbon Credits (Carbon Farming Initiative) (Avoided Deforestation) Methodology Determination   2013 .

Project has 2 crediting periods

  (2)   If the project is a sequestration offsets project, then, for the purposes of this Act, the project has 2 crediting periods, as follows:

  (a)   the first crediting period for the project is the period:

  (i)   beginning when the declaration of the project under section   27 took effect; and

  (ii)   ending immediately before the commencement of this Part;

  (b)   the second crediting period for the project is:

  (i)   the period of 25 years; or

  (ii)   if another period is specified in the applicable methodology determination for the project--that other period;

    that began at the commencement of this Part.

  (3)   If:

  (a)   the project is an emissions avoidance offsets project; and

  (b)   the project is not a designated savanna project ;

then, for the purposes of this Act, the project has 2 crediting periods, as follows:

  (c)   the first crediting period for the project is the period:

  (i)   beginning when the declaration of the project under section   27 took effect; and

  (ii)   ending immediately before the commencement of this Part;

  (d)   the second crediting period for the project is:

  (i)   the period of 7 years; or

  (ii)   if another period is specified in the applicable methodology determination for the project--that other period;

    that began at the commencement of this Part.

  (4)   If:

  (a)   the project is an emissions avoidance offsets project; and

  (b)   the project is a designated savanna project;

then, for the purposes of this Act, the project has 2 crediting periods, as follows:

  (c)   the first crediting period for the project is the period:

  (i)   beginning when the declaration of the project under section   27 took effect; and

  (ii)   ending immediately before 1   January next following the commencement of this Part;

  (d)   the second crediting period for the project is:

  (i)   the period of 25 years; or

  (ii)   if another period is specified in the applicable methodology determination for the project--that other period;

    that began at the start of 1   January next following the commencement of this Part.

No subsequent crediting periods

  (5)   The project cannot have more than 2 crediting periods.