| Long Title |
The 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. |