Different carbon standards have different names for their carbon credits. For example, VERRA, being a carbon standard, uses the term Verified Carbon Units (VCUs) for their credits, while the CDM carbon standard uses Carbon Emissions Reductions (CERs), and so on. Although the Regulations may not explicitly mention every carbon standard, they encompass VERRA carbon credits as well.
The registration fees is calculated as = 1% of Expected Annual Credits x Average price determined by the government for that particular year. This registration fee is paid in cash during the registration process as once –off payment over the life of the project.
If carbon credits will be generated in the same year when the registration fee is paid Clause 34.3 e applies. However in the subsequent years the project will pay the 8%.
Regulation No. 48.(1) of the Regulations states that “Any person engaged in carbon trading project before coming into operation of these Regulations shall be required to comply with the provisions of these Regulations after coming into operation of the regulations”. You are therefore required to register your projects and pay all the fees as per the Regulations.
The Fiscal Year used by the Government of the United Republic is that of July – June. All Government operations including those specified in the Environmental Management (Control and Management of Carbon Trading) Regulations 2022 should abide to this system.
No. All the carbon credits that will be sold after the environmental Management (Control and Management of Carbon Trading) Regulations 2022 became into force will be treated as prescribed in the Regulations.
