29Crediting period for projects that have a transferring project area

29   Crediting period for projects that have a transferring project area

Note:  Subsection 69(2) of the Act sets out the basic rule for the crediting period for a project. Generally, a project covered by this instrument will have the crediting period of 25 years specified in 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. This section specifies a shorter period for projects that have a transferring project area, depending on whether new eligible interest holder consents have been obtained. Subsection 69(4) of the Act sets out how the start time for a crediting period is calculated. The start time of the crediting period for a project to which this instrument applies following an approval under section 130 of the Act is the start time of the crediting period for the project under the former determination.

1.       If a project has transferring project areas and the relevant application (within the meaning of section 28) for that project included new consents from each person who holds an eligible interest in any area of land that is part of that project, for the purposes of paragraph 69(2)(b) of the Act, the crediting period specified for such a project is:

2.     in the case of a restarting transferring project—25 years minus the period of time (rounded to the nearest year) that started when this instrument came into force and ended when the project was first declared eligible under this instrument; and

3.     in the case of a project to which this instrument applies following an approval under section 130 of the Act—25 years plus the period of time (rounded to the nearest year) that the transferring project area was covered by the former determination minus the period of time (rounded to the nearest year) that started when this instrument came into force and ended when this instrument first applied to the project following approval under section 130 of the Act; and

4.     any other case—25 years.

5.       If a project has transferring project areas and the relevant application (within the meaning of section 28) for that project did not include new consents from each person who holds an eligible interest in any area of land that is part of that project, for the purposes of paragraph 69(2)(b) of the Act, the period specified for the crediting period for such a project is:

6.     in the case of a restarting transferring project—25 years minus the period of time (rounded to the nearest year) for which the project area was reported on while covered by the former determination and any other savanna emissions avoidance determination, as calculated in accordance with subsection (3); and