28Crediting period for some projects that include transferring project areas

28  Crediting period for some projects that include transferring project areas

Note: Subsection 69(2) of the Act sets out the basic rule for the crediting period for a project that became an eligible offsets project after the commencement of Part 5 of the Act (13 December 2014). Generally, for such a project covered by this determination, the crediting period will be the period of 25 years given by paragraph 69(2)(a) of the Act.

 Under paragraph 69(2)(b) of the Act, if another period is specified in the applicable methodology determination for the project, that period is the project’s crediting period. Subsection (1) specifies a shorter period for certain restarting transferring projects.

 Section 70 of the Act specifies the crediting period for certain projects that were eligible offsets projects immediately before the commencement of Part 5 of the Act, and will apply to some continuing transferring projects. Under section 70 of the Act, if a period is specified in the applicable methodology determination for the purposes of subparagraph 70(2)(b)(ii) of the Act, the project’s second crediting period is that period, beginning on the commencement of Part 5 of the Act (13 December 2014). Subsection (4) specifies another period for the purposes of this subparagraph.

 For restructured projects, see section 57 of the Act and section 53 of the CFI Rule for adjustments to the crediting period resulting from the restructure. In any other case, see section 69 of the Act for the crediting period.

Crediting period for some restarting transferring projects

 (1) For paragraph 69(2)(b) of the Act, if:

 (a) a savanna sequestration project is a restarting transferring project; and

 (b) the section 22 application is made more than 5 years after the commencement of this determination;

  the period of 25 – N years is specified, where N is the largest value of NTPA for the transferring project areas.

 (2) For a transferring project area, NTPA is the sum of the following:

 (a) the number of calendar years for which that project area was reported on while the former determination was the applicable methodology determination;

 (b) the number of calendar years (if any) for which that project area was reported on while any other methodology determination was the applicable methodology determination.

Note: For a restarting transferring project for which the section 22 application is made within 5 years after the commencement of this determination, the crediting period will be the period of 25 years. See paragraph 69(2)(a) of the Act.

 (3) For subsection (1), if a project to which the transferring project area previously belonged had 2 crediting periods as a result of subsection 70(4) of the Act, disregard the first crediting period.