This legislation is part of a package of three bills to establish the Carbon Farming Initiative. The bill provides for: the types of abatement projects eligible for Australian carbon credit units (ACCUs); requirements for recognition as an offsets entity; eligibility for offsets projects; participation by holders of Aboriginal and Torres Strait Islander land; characteristics of methodology determinations; permanence arrangements for sequestration projects; reporting requirements for offsets projects; a framework for auditing offset reports; the issue and exchange of ACCUs; monitoring and enforcement powers; merits review of decisions; the establishment and functions of the Domestic Offsets Integrity Committee and the Carbon Credits Administrator; and the publication of information and the treatment of confidential information.
For further information, see the Explanatory Memorandum and the Second Reading Speech.