Document ID: chunk:federal_register_of_legislation:F2021L01379:reg:11
Version: federal_register_of_legislation:F2021L01379
Segment Type: reg
Provision Reference: reg 11
Character Range: 20388–21603

11  Newness
 (1) For subparagraph 27(4A)(a)(ii) of the Act, the substitute newness requirement is in lieu of the newness requirement for a carbon capture and storage project.
 (2) A carbon capture and storage project meets the substitute newness requirement if:
 (a) a final investment decision has not been made for the project at the time of the making of a declaration under subsection 27(2) of the Act that the project is an eligible offsets project that is covered by this determination; and
 (b) if applicable, a capture point used in the project for capturing greenhouse gases extracted from a hydrocarbon field has previously been identified in an offsets report given to the Regulator for another carbon capture and storage project (the second project) as a capture point for the second project for capturing greenhouse gases extracted from a hydrocarbon field.
 (3) For the purpose of paragraph (2)(a), final investment decision:
 (a) has the meaning generally accepted within the corporate finance community; and
 (b) does not include a decision to proceed with an offsets project that is contingent on the project being declared to be an eligible offsets project that is covered by this determination.