This Act aims to implement obligations that Australia has under the Climate Change Convention and the Kyoto Protocol, create incentives for people to carry on certain offsets projects and to increase carbon abatement in a manner that is consistent with the protection of Australia’s environment and that improves resilience to the effects of climate change.The Act sets up a scheme for the issue of Australian carbon credit units in relation to eligible offsets projects. The number of Australian carbon credit units issued will be worked out by reference to: the relevant abatement amount calculated under the applicable methodology determination; or if the project is a native forest protection project, the relevant sequestration amount calculated under the applicable methodology determination.The Act sets out procedures for applying for a certificate of entitlement in respect of an eligible offsets project, and for the declaration of an offsets project as an eligible offsets projects. Offsets projects may be emissions avoidance offsets projects, sequestration offsets projects, Kyoto or non-Kyoto offsets projects, and excluded offsets projects.The Act further provides for: the recognition by the Carbon Credits Administrator of an offsets entity; Administrator’s powers to determine a crediting period for eligible offsets projects; reporting and notification requirements related to eligible offsets projects; requirements to relinquish Australian carbon credit units; carbon maintenance obligation in relation to an area or areas of land if a relinquishment has not been completed; methodology determinations; publication of information by the Administrator; powers of inspectors; audits; offences and penalties; establishment of a Domestic Offsets Integrity Committee; etc.
Implemented by: Carbon Credits (Carbon Farming Initiative) Regulations 2011. (2015-07-31)
Implemented by: Carbon Credits (Carbon Farming Initiative) Rule 2015. (2016-02-09)