Carbon Credits (Carbon Farming Initiative—Reforestation and Afforestation 2.0) Methodology Determination 2015
15Requirements for pre-existing project
Start here
Get a plain-English read of 15
Turn the raw legal text into a practical explanation grounded in Carbon Credits (Carbon Farming Initiative—Reforestation and Afforestation 2.0) Methodology Determination 2015.
15 Requirements for pre-existing project
(1) For this section, a permanent planting project is a pre-existing project if another applicable determination (the former determination) applied to the project immediately before the application of this determination.
Offsets report under former determination required
(2) For a pre-existing project:
(a) the project proponent must have submitted at least one offsets report under the former determination; and
(b) the Regulator must be satisfied that the reported value for the carbon stock for each stratum in the latest offsets report (the relevant offsets report) appropriately reflects the existing carbon stock for the stratum.
(3) The Regulator is taken to be satisfied for paragraph (2)(b):
(a) for closing carbon stock reported as greater than zero—if the Regulator issued Australian carbon credit units on the basis of the relevant offsets report; and
(b) for closing carbon stock reported as zero—if the Regulator is satisfied that the value of zero was the result of appropriate measurement or modelling (rather than, for example, the application of a default permitted by the former determination).
Eligible land
(4) For a pre-existing project, eligible land includes land that is part of a stratum reported in the relevant offsets report.