Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies to an eligible offsets project if the project is a sequestration offsets project.
Note: For sequestration offsets project , see section 5.
Unit entitlement
(2) The number to be specified in a certificate of entitlement in respect of the project for a reporting period as the unit entitlement in respect of the certificate is the number worked out using the formula:
where:
"net abatement number" means the total number of tonnes in the amount that, under the applicable methodology determination for the reporting period, is the carbon dioxide equivalent net abatement amount for the project in relation to the reporting period.
"permanence period discount number" means:
(a) if the project is a 100 - year permanence period project--zero; or
(b) if the project is a 25 - year permanence period project and paragraph (c) does not apply--20% of the net abatement number; or
(c) if:
(i) the project is a 25 - year permanence period project; and
(ii) at the start of the crediting period in which the reporting period is included, another percentage is specified in the legislative rules in relation to a particular kind of project; and
(iii) the project is of that kind;
that other percentage of the net abatement number.
"risk of reversal buffer number" means:
(a) 5%; or
(b) if:
(i) at the start of the crediting period in which the reporting period is included, another percentage is specified in the legislative rules in relation to a particular kind of project; and
(ii) the project is of that kind;
that other percentage;
of the net abatement number.
Rounding down
(3) If the number worked out using the formula in subsection (2) is not a whole number, the number is to be rounded to the nearest whole number (with a number ending in .5 being rounded down).
(4) For the purposes of subsection (3), zero is taken to be a whole number.