27Meaning of transferring project area and related definitions

27   Meaning of transferring project area and related definitions

1.     A project area for a savanna sequestration project is a transferring project area if, immediately before it was a project area for a project covered by this instrument, it was a project area for either of the following (the former project):
2.     a project covered by a savanna emissions avoidance determination;
3.     a project covered by the Carbon Credits (Carbon Farming Initiative—Savanna Fire Management—Sequestration and Emissions Avoidance) Methodology Determination 2018 or a different project covered by this instrument.

Note 1: Subsection (1) is modified in some cases if the requirement in lieu of the newness requirement set out in paragraph 24(2)(c) was met. See paragraph 24(3)(b).

1.   The methodology determination that applied to the former project is the former determination for the transferring project area.

Note 2: The former determination could be this instrument.   

1.     A savanna sequestration project is a restarting transferring project if:

2.     when the project was first declared eligible, one or more of its project areas was a transferring project area; and

3.     the former determination for each transferring project area was a savanna emissions avoidance determination; and

4.     before declaring the project an eligible offsets project, the Regulator either revoked the section 27 declaration in relation to the former project of each transferring project area, or varied that declaration to remove each transferring project area.

5.     To avoid doubt, subsection (1) applies in the case a project that is covered by an instrument specified in paragraphs (1)(a) or (b) and to which this instrument applies following an approval under section 130 of the Act, and in that case a reference to former project is taken to be a reference to the project immediately before it became a project first covered by this instrument.