Carbon Credits (Carbon Farming Initiative) Rule 2015

This is the Carbon Credits (Carbon Farming Initiative) Rule 2015, a detailed legislative instrument that sets out the operational rules for Australia's carbon credit scheme (now known as the Emissions Reduction Fund).

What it does:

• Establishes how projects that reduce or store carbon (like reforestation, soil carbon, or industrial efficiency projects) can earn Australian Carbon Credit Units (ACCUs)
• Sets out detailed requirements for applying to register projects, including identity verification, land mapping, and demonstrating the project is "additional" (wouldn't happen without the carbon credit incentive)
• Specifies reporting and audit requirements — project proponents must submit regular reports verified by independent auditors
• Creates rules for varying or revoking project registrations if conditions aren't met
• Establishes safeguards to prevent double-counting of carbon reductions and ensure environmental integrity
• Sets up processes for the Commonwealth to purchase carbon credits from projects, with contracts typically lasting 7-10 years
• Includes specific rules for regeneration projects (forest regrowth) requiring forest cover assessments
• Establishes excluded projects that cannot participate — including certain plantation forests, projects on illegally cleared land, or activities already required by law