Carbon Rights Bill 2002


Bill No.117

SynopsisThe purpose of this Bill is to provide for the registration on the title to land of a "carbon right", and accompanying "carbon covenant". Under the Bill the land owner, or someone else with the land owner's agreement, can register a carbon right in respect of land. Registration will clarify the ownership of the right to the benefits from sequestration on the land, but it gives no guarantee as to how much carbon is there, whether it will remain there, or what value it may have. Registration of a carbon right and carbon covenant by a party who is not the landowner will remove the risk that a court might find, in the event of a dispute between the parties, that, despite that person's investment in the right or covenant, the right to the carbon sequestration benefits belongs to the landholder. The Bill, therefore, gives certainty to those wishing to trade in carbon rights and gain the credits or emission offsets which arise from sequestration.

StatusAssented to 06/30/2003
Royal Assent given 30 Jun 2003 as Act No. 38 of 2003. This Act comes into operation on a day fixed by Proclamation

Current Bill

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Inactive hide details for Previous Versions of this BillPrevious Versions of this Bill




Progress

Legislative Assembly DateNote No.Related Documents
Introduced 05/22/2002  
First Reading 05/22/2002  
Second Reading 05/22/2002  
Second Reading Speech   
Second Reading Agreed 10/23/2002  
Consideration in Detail 10/23/2002  
Third Reading 10/24/2002  


Legislative Council DateNote No.Related Documents
First Reading 10/24/2002  
Second Reading 10/24/2002  
Second Reading Speech   
Second Reading Agreed 04/01/2003  
Committee of the whole 04/02/2003  
Third Reading 04/03/2003  


Other Procedures DateNote No.Related Links
Reinstated to the stage reached in the previous Session  08/14/2002