If the proponent only wants to move some of the original project’s project areas to a new project covered by this Determination, then the original project’s section 27 declaration would need to be varied to remove the transferring project area or areas. The proponent would also need to make a new section 22 application to move the project areas to a new savanna sequestration project. In either case, a new savanna emissions avoidance project would need to be declared as an eligible offsets project, and would have a new crediting period. This new crediting period is defined in section 69 of the Act, and in some cases, will be modified by section 28 of this Determination. Continuing transferring projects If the has been enacted Carbon Credits (Carbon Farming Initiative) Amendment Bill 2017 there is an additional option for moving projects from a sequestration avoidance former project to an emissions avoidance offsets project under this Determination. After the Act amendment has commenced, use sections 128-130 of the continuing transferring projects Act to move project areas from an existing emissions avoidance project onto a project under this Determination. The Regulator could approve the application of this Determination to the original project, under section 130 of the Act. The project would retain the same project area or areas. In that case, the project’s existing crediting period would continue. If the crediting period ends after the permanence period, the permanence obligations to maintain carbon stocks remain until the end of the crediting period. Pathways for transferring projects, crediting periods and permanence periods Below are examples of how project areas can be moved from an existing sequestration project to a new emissions avoidance project under this Determination. Example 1: Transfer the whole project from a savanna sequestration project to this Determination as a restarting transferring project A proponent wishes to move whole project from a savanna sequestration determination to this Determination. The Carbon Credits (Carbon Farming Initiative) Amendment Bill has not been enacted, so they can only be a 2017 restarting transferring project. They apply to the Regulator, and must supply all of the following: (i) A section 27 application to revoke their emissions avoidance project; and (ii) A new section 22 application to commence a new savanna emissions avoidance project under this Determination;
If the proponent only wants to move some of the original project’s project areas to a new project covered by this Determination, then the original project’s section 27 declaration would need to be varied to remove the transferring project area or areas. The proponent would also need to make a new section 22 application to move the project areas to a new savanna sequestration project. In either case, a new savanna emissions avoidance project would need to be declared as an eligible offsets project, and would have a new crediting period. This new crediting period is defined in section 69 of the Act, and in some cases, will be modified by section 28 of this Determination. Continuing transferring projects If the Carbon Credits (Carbon Farming Initiative) Amendment Bill 2017 has been enacted there is an additional option for moving projects from a sequestration avoidance former project to an emissions avoidance offsets project under this Determination. After the Act amendment has commenced, continuing transferring projects use sections 128-130 of the Act to move project areas from an existing emissions avoidance project onto a project under this Determination. The Regulator could approve the application of this Determination to the original project, under section 130 of the Act. The project would retain the same project area or areas. In that case, the project’s existing crediting period would continue. If the crediting period ends after the permanence period, the permanence obligations to maintain carbon stocks remain until the end of the crediting period. Pathways for transferring projects, crediting periods and permanence periods Below are examples of how project areas can be moved from an existing sequestration project to a new emissions avoidance project under this Determination. Example 1: Transfer the whole project from a savanna sequestration project to this Determination as a restarting transferring project A proponent wishes to move whole project from a savanna sequestration determination to this Determination. The Carbon Credits (Carbon Farming Initiative) Amendment Bill 2017 has not been enacted, so they can only be a restarting transferring project. They apply to the Regulator, and must supply all of the following: (i) A section 27 application to revoke their emissions avoidance project; and (ii) A new section 22 application to commence a new savanna emissions avoidance project under this Determination;
savanna-emissions-avoidance-determination-explanatory-statement.docx