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Carbon Credits (Carbon Farming Initiative) Rule 2015
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Carbon Credits (Carbon Farming Initiative) Rule 2015
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(1) This section is made for the purposes of paragraph 20H(1)(aa) of the Act. (2) The Regulator may sell one or more Australian carbon credit units held in the Commonwealth registry account designated as the Commonwealth Emissions Reduction Fund Delivery Account in the circumstances specified in subsection (3), for the price specified in subsection (4). (3) The circumstances are: (a) the units will be purchased by a responsible emitter for a designated large facility (the purchaser); and (b) the sale will occur pursuant to a contract between the Regulator and the purchaser; and (c) under the contract, the purchaser must agree to surrender the units under section 22XN of the NGER Act for the purpose of reducing the net emissions number of the facility for a specified period; and (d) at the time the Regulator enters into the contract, the Regulator is satisfied: (i) that the surrender is for the purpose of ensuring that an excess emissions situation does not exist in relation to the facility for the period; and (ii) that the conditions in paragraphs 22XN(1)(a)‑(c) of the NGER Act will be met in relation to the proposed surrender; and (e) the units will be transferred to the purchaser on or after 1 July 2023. (4) The price is $75 per Australian carbon credit unit, indexed in accordance with section 11AC.
Note: Section 11AC provides for the price to be indexed from 1 July 2024 and in subsequent financial years by a rate calculated by reference to the increase to the All Groups Consumer Price Index, plus 2 per cent.
(5) The following expressions used in subsection (3) have the same meaning as in the NGER Act: (a) excess emissions situation; (b) net emissions number; (c) responsible emitter. (6) To avoid doubt, a contract under paragraph (3)(b) for the sale of Australian carbon credit units by the Regulator is taken not to be an instrument made under the Act.