Document ID: chunk:federal_register_of_legislation:C2014A00119:clause:1_70
Version: federal_register_of_legislation:C2014A00119
Segment Type: clause
Provision Reference: sch 1 cl 70
Character Range: 60037–62520

70  Crediting period—general transitional rule

Scope
 (1) This section applies to an eligible offsets project if:
 (a) the project was an eligible offsets project immediately before the commencement of this Part; and
 (b) the project is not covered by the Carbon Credits (Carbon Farming Initiative) (Avoided Deforestation) Methodology Determination 2013.

Project has 2 crediting periods
 (2) If the project is a sequestration offsets project, then, for the purposes of this Act, the project has 2 crediting periods, as follows:
 (a) the first crediting period for the project is the period:
 (i) beginning when the declaration of the project under section 27 took effect; and
 (ii) ending immediately before the commencement of this Part;
 (b) the second crediting period for the project is:
 (i) the period of 25 years; or
 (ii) if another period is specified in the applicable methodology determination for the project—that other period;
  that began at the commencement of this Part.
 (3) If:
 (a) the project is an emissions avoidance offsets project; and
 (b) the project is not a designated savanna project;
then, for the purposes of this Act, the project has 2 crediting periods, as follows:
 (c) the first crediting period for the project is the period:
 (i) beginning when the declaration of the project under section 27 took effect; and
 (ii) ending immediately before the commencement of this Part;
 (d) the second crediting period for the project is:
 (i) the period of 7 years; or
 (ii) if another period is specified in the applicable methodology determination for the project—that other period;
  that began at the commencement of this Part.
 (4) If:
 (a) the project is an emissions avoidance offsets project; and
 (b) the project is a designated savanna project;
then, for the purposes of this Act, the project has 2 crediting periods, as follows:
 (c) the first crediting period for the project is the period:
 (i) beginning when the declaration of the project under section 27 took effect; and
 (ii) ending immediately before 1 January next following the commencement of this Part;
 (d) the second crediting period for the project is:
 (i) the period of 25 years; or
 (ii) if another period is specified in the applicable methodology determination for the project—that other period;
  that began at the start of 1 January next following the commencement of this Part.

No subsequent crediting periods
 (5) The project cannot have more than 2 crediting periods.