295OGreen offset schemes

295O Green offset schemes

295O Green offset schemes

(1) A green offset scheme is a scheme established for any or all of the following purposes—

(a) to carry out a specified program for the restoration or enhancement of the environment that is related to a licensed activity,

(b) to prevent, control, abate, mitigate or otherwise offset any harm to the environment arising (wholly or partly) from any licensed activity,

(c) to make good any environmental damage arising (wholly or partly) from a licensed activity.

(2) A green offset scheme may include any or all of the following elements—

(a) contractual agreements or other arrangements between the person who arranges or implements or manages a green offset scheme and other participants in the scheme,

(b) the creation of a market for entitlements to participate in a green offset scheme,

(c) the creation of green offset credits,

(d) the initial sale or allocation and further sale or allocation of green offset credits,

(e) provision for the holding of green offset credits by participants,

(f) the payment of contributions to the scheme for works under the scheme,

(g) the implementation of works by participants in the scheme,

(h) the payment of administrative costs relating to the scheme,

(i) the rights and duties of participants in the scheme,

(j) the trading of green offset credits or of any entitlements conferred by them (including restrictions on trading and any other dealings),

(k) safeguards against anti-competitive behaviour by participants in the scheme,

(l) the alteration, suspension, cancellation or forfeiture of green offset credits, or other rights or entitlements under the scheme,

(m) provision for a register of green offset credits and participants and for the circumstances in which register information may be disclosed.

(3) A green offset scheme may include elements other than those mentioned in this section.