70Crediting period—general transitional rule

70 Crediting period—general transitional rule

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.