19Declaration of discount factors

19 Declaration of discount factors (1) This section applies if the Minister proposes to make a declaration specifying the discount factors which are to be used to calculate the carbon dioxide equivalent of greenhouse gas emissions to be reduced by a prescribed activity or a class of prescribed activities for the purposes of section 18(1). (2) Without limiting the generality of subsection (1), the discount factors are to take into account any uncertainty associated with the reduction of greenhouse gas emissions that would eventuate from a specified prescribed activity or specified class of prescribed activities but for the existence of the VEET scheme. (3) The Minister must publish in the Government Gazette a notice of intention to declare a discount factor specifying— (a) the proposed discount factor; (b) the prescribed activity or class of prescribed activities in respect of which the discount factor is proposed; (c) the reasons for the proposed discount factor; (d) the procedures for the making and consideration of submissions. (4) If after complying with subsection (3), the Minister determines to make the declaration, the Minister may make the declaration by notice published in the Government Gazette. (5) A notice under subsection (4) must— (a) contain a copy of the declaration; and (b) specify the date from which the declaration is to take effect. S. 19A inserted by No. 59/2011 s. 26, repealed by No. 34/2022 s. 51. S. 20 (Heading) amended by No. 15/2025 s. 31(1).