Carbon Abatement Purchasing Process.
In respect of the Seller any person who is nominated by the Seller by notice to the Buyer accompanied by a certified copy of the nominated person's signature.
In respect of the Buyer, the Chair or any other official of the Clean Energy Regulator whose title contains the word "Manager" (or a person performing the functions of any such person) or any attorney or other person nominated by the Buyer as an "Authorised Representative".
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Emissions baselines represent the reference point against which future emissions performance will be measured under the safeguard mechanism.
‘Baselines’ is the umbrella term used for all safeguard baseline numbers.
Umbrella term for all baseline determinations made by the Clean Energy Regulator, as opposed to ‘default baselines’ which exist in the absence of a determination.
Baseline based on best practice benchmark and estimated production.
A Carbon Abatement Contract (Contract) is a contract between each participant successful at an Auction (the Seller) and the Clean Energy Regulator (the Buyer).
The contract is a standardised sale and purchase agreement that obligates the seller to deliver a quantity of Kyoto Australian Carbon Credit Units (ACCUs) to the Clean Energy Regulator and the Regulator to purchase those ACCUs at the contracted price over a set Delivery Schedule for the duration of the contract.
Note that the contract is made up of four separate documents – the Code of Common Terms, the Commercial Terms, the Delivery Terms and the Financial Terms.
Carbon Abatement Purchasing Process
Conditions Precedents are specified in Item 3 of the Commercial Terms.
The Conditions Precedent Expiry Date is the date by which any Conditions Precedents must be fulfilled or waived or the Contract terminates. It is the earlier of the date specified in Item 4 of the Commercial Terms, or such other date agreed between the parties
An entity that must register and report under the National Greenhouse and Energy Reporting Act 2007, as defined in section 7 of the Act.
Crediting Period Start Date
For the purposes of the safeguard mechanism covered emissions are defined as scope 1 emissions, including direct emissions from fugitive emissions and emissions from fuel combustion, waste disposal and industrial process such as cement and steel making.
Some scope 1 emissions are not covered by the safeguard mechanism. These include:
The transfer of an amount of ACCUs by a Seller to the Clean Energy Regulator
Failure, for any reason, of the Seller to deliver the quantity of ACCUs due on a Scheduled Delivery Date
Distributional loss factor
The Financial Terms is one component of the Contract. It sets out the price that the Clean Energy Regulator will pay the Seller per ACCU, the auction date and the Contract Date.
GWP is a measure of how much a given mass of greenhouse gas is estimated to contribute to global warming. It is a relative scale that compares a gas with the same mass of carbon dioxide and is calculated over a specific time interval.
Emissions factors and methods, as described in the NGER (Measurement) Determination 2008, take the GWP of different gases into account. More information on GWP values and how they are used with prescribed methods for calculating greenhouse gas emissions is provided in the NGER Technical Guidelines.
The units in which transactions between the Buyer and Seller take place.
Transactions of ACCUs occur through the ANREU.
ACCUs are credits that represent one tonne of verified carbon emissions or equivalent abatement achieved by eligible offsets projects. ACCUs are created and issued by the Clean Energy Regulator in accordance with Section 147 of the
The number of ACCUs due on a Scheduled Delivery Date in the Delivery Schedule
The person with operational control of a safeguard facility, who is responsible for meeting safeguard requirements.
The responsible emitter may be an individual, a body corporate, a trust, a corporation sole, a body politic or a local governing body.
Small generation unit.
SGU is the term used when referring to small-scale solar panel, wind and hydro systems.
Solar water heater.
A solar water heater is a system that heats water from solar energy.
The price per ACCU at which the Clean Energy Regulator agrees to purchase them from the Seller. The unit price is specified in Item 1 of the Financial Terms
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.