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PROTECTION OF THE ENVIRONMENT OPERATIONS ACT 1997 - SECT 295O
Green offset schemes
295O Green offset schemes
(1) A green offset scheme is a scheme established for any or all of the
following purposes-- (a) to carry out a specified program for the restoration
or enhancement of the environment that is related to a licensed activity,
(b)
to prevent, control, abate, mitigate or otherwise offset any harm to the
environment arising (wholly or partly) from any licensed activity,
(c) to
make good any environmental damage arising (wholly or partly) from a licensed
activity.
(2) A green offset scheme may include any or all of the following
elements-- (a) contractual agreements or other arrangements between the person
who arranges or implements or manages a green offset scheme and other
participants in the scheme,
(b) the creation of a market for entitlements to
participate in a green offset scheme,
(c) the creation of green offset
credits,
(d) the initial sale or allocation and further sale or allocation of
green offset credits,
(e) provision for the holding of green offset credits
by participants,
(f) the payment of contributions to the scheme for works
under the scheme,
(g) the implementation of works by participants in the
scheme,
(h) the payment of administrative costs relating to the scheme,
(i)
the rights and duties of participants in the scheme,
(j) the trading of green
offset credits or of any entitlements conferred by them (including
restrictions on trading and any other dealings),
(k) safeguards against
anti-competitive behaviour by participants in the scheme,
(l) the alteration,
suspension, cancellation or forfeiture of green offset credits, or other
rights or entitlements under the scheme,
(m) provision for a register of
green offset credits and participants and for the circumstances in which
register information may be disclosed.
(3) A green offset scheme may include
elements other than those mentioned in this section.
(4) A green offset
scheme may, subject to any applicable licence conditions-- (a) be arranged or
implemented or managed by the holder of a licence or another person, and
(b)
involve both participants who are licence holders and who are not licence
holders.
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