373R

Definitions for div 8C

In force

In this division—

carbon abatement interest, for land, means an interest in the land consisting of the exclusive right to the economic benefits associated with carbon sequestration on the land.

carbon abatement product means all or any of the following—

(a)

living biomass;

(b)

dead organic matter;

(c)

soil;

(d)

carbon sequestration by, and carbon stored in, a carbon abatement product mentioned in paragraphs (a) to (c).

carbon sequestration, for living biomass, dead organic matter or soil, includes—

(a)

the process by which the biomass, matter or soil removes and stores carbon dioxide from the atmosphere; and

(b)

the use of the biomass, matter or soil to avoid, reduce or eliminate greenhouse gas emissions.

owner—

(a)

of freehold land, means the registered owner of the land; or

(b)

of land vested in fee simple—the vested person for the land; or

(c)

of non-freehold land, means the State and any of the following—

(i)

if the land is the subject of a lease other than a State lease—the lessee of the land; or

(ii)

if the land is a reserve—the trustee of the reserve; or

(iii)

if the land is the subject of an occupation licence—the licensee.

This Act’s bill:Explanatory memorandum

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