82AMeanings of “carbon sequestration” and “carbon sequestration right”

82A Meanings of “carbon sequestration” and “carbon sequestration right”

82A Meanings of “carbon sequestration” and “carbon sequestration right”

(1) In this Act, carbon sequestration means—

(a) the absorption from the atmosphere of carbon dioxide by land or anything on land, and

(b) the storage of carbon in land or in anything on land.

(2) In this Act, a carbon sequestration right, in relation to land—

(a) means the exclusive right to obtain the benefit, whether present or future, of carbon sequestration, and

(b) includes a carbon sequestration right within the meaning of the Conveyancing Act 1919, section 87A.

(3) For the purposes of the definitions of carbon sequestration and carbon sequestration right, land includes terrestrial environments or ecosystems and aquatic environments or ecosystems.

Note—

See also the definition of land in the Interpretation Act 1987.

(4) The regulations may prescribe other types of carbon sequestration and carbon sequestration rights for the purposes of the definitions.

s 82A: Ins 2021 No 47, Sch 1.1[15]. Am 2023 No 7, Sch 3.20.