Climate Action Act 2017

A forest carbon right may be created by the execution of an instrument of transfer of the right by a person who is the registered proprietor of a freehold or leasehold estate in land to which the right applies.

If land is subject to a lease registered under the Transfer of Land Act 1958, the registered proprietor of a freehold estate in land cannot create a forest carbon right in relation to the land for any part of the term of the lease unless the lessee consents to the creation of the right.

An instrument of transfer creating a forest carbon right must be in a form approved by the Registrar under the Transfer of Land Act 1958.

The instrument of transfer must specify each forest carbon right that is created.

The instrument of transfer must include a statement expressly stating that the forest carbon right is created in accordance with this Act.

The Registrar may register under the Transfer of Land Act 1958 a forest carbon right that is created by instrument of transfer under this section.

The Registrar must not register more than one of each of the following in respect of particular land—

a carbon sequestration right;

a forestry right;

a soil carbon right.

A registered forest carbon right—

subject to this Part, may be dealt with under the Transfer of Land Act 1958; and

may be transferred under that Act for a term of not less than 3 years.

A registered forest carbon right cannot be varied.