apply to the Clean Energy Regulator to vary the details of your Emissions Reduction Fund project. You can apply to vary:
The Clean Energy Regulator will not approve the transfer of a project to a person who does not pass the fit and proper person tests, does not have the legal right to carry out the project or, in the case of sequestration projects, does not have permission from the holder of the carbon sequestration right for the project area.
You may need to relinquish Australian carbon credit units to the Clean Energy Regulator if you remove some of the project area in a sequestration project that has already been issued with credits.
Participants can withdraw from participating in the Emissions Reduction Fund at any time. Should you withdraw your project, your project will no longer be able to apply for or receive ACCUs and there is no recourse to reverse your decision.
Details about withdrawing a project can be found in Part 3, Division 4 of the
Carbon Credits (Carbon Farming Initiative) Act 2011 (the CFI Act).
If the project being withdrawn is a sequestration project and the carbon has been stored for less than the permanence period (100 or 25 years), all Australian carbon credit units issued for the project (and not previously relinquished) must be returned to the Clean Energy Regulator. If you have sold the Australian carbon credit units you must meet this relinquishment obligation by purchasing the same number and kind of Australian carbon credit units at the market price to return to the Clean Energy Regulator.
In some instances, substitution of Australian carbon credit units may occur. Eligible units for substitution include:
You will continue to have obligations under Emissions Reduction Fund until the process for revoking your project has been finalised, including relinquishment of any Australian carbon credit units.
To withdraw your project, you can write to the Clean Energy Regulator at
email@example.com. Your email withdrawing your project must include:
On receipt of the email request the Clean Energy Regulator will revoke the project and remove it from the project register.
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.