Document ID: chunk:federal_register_of_legislation:F2021L01379:reg:26:p1
Version: federal_register_of_legislation:F2021L01379
Segment Type: reg
Provision Reference: reg 26 (pt 1/2)
Character Range: 57658–60545

26  Calculating extended accounting period net abatement
 (1) The carbon dioxide equivalent net abatement amount for a reporting period in the extended accounting period in which a return event does not occur, is zero.
 (2) The carbon dioxide equivalent net abatement amount for a reporting period in the extended accounting period in which a return event occurs, in tonnes CO2-e, is worked out using the formula (equation 17):
  EAA  =  ∑n An  ×  3 / 97  –  ∑r EF,r  –  ∑r FGGr
  where:

         EAA means the carbon dioxide equivalent net abatement amount for the reporting period, in tonnes CO2-e.

         An means the carbon dioxide equivalent net abatement amount for a reporting period n in the crediting period, worked out using equation 1.

         n means a reporting period in the crediting period.

         EF,r means the total emissions from fuel use for the project for conducting any monitoring and verification activities for a reporting period r in the extended accounting period, worked out using equation 13.

         FGGr means the fugitive emissions of greenhouse gases for a reporting period r in the extended accounting period from all storage sites into which greenhouse gases are or were injected by the project, worked out using equation 15.
  r means a reporting period in the extended accounting period.
 (3) A return event occurs when either of the following has occurred for each storage site in which greenhouse gases are or were injected by the project:
 (a) a closure assurance period has been declared under section 399 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006;
 (b) in case of the project involved the injection of greenhouse gases into a recognised reservoir in accordance with a recognised law of a State or Territory:
               (i) a recognised licence under that law has been surrendered to the satisfaction of the authority responsible for administering that law; or
               (ii) an analogous certification in relation to the recognised reservoir has been issued under that law by that authority.

            Note: In September 2021, some of the circumstances in which a recognised licence under a recognised law of a State or Territory may be considered to have been surrendered to the satisfaction of the authority responsible for administering that law is if one of the following events has happened:
              (a) a surrender of authority under section 168 of the Greenhouse Gas Geological Sequestration Act 2008 (Vic) has been consented to by the relevant Minister;
              (b) a site closing certificate has been issued under section 427 of the Offshore Petroleum and Greenhouse Gas Storage Act 2010 (Vic);
              (c) a lease surrender has been approved under section 179 of the Greenhouse Gas Storage Act 2009 (Qld);
              (d) the relevant Minister has accepted an application