| (1) | An offset is created, after the date on which that project starts causing the reduction of greenhouse gas emissions, during a period of— |
| (a) | in the case of a CDM project— |
| (i) | 7 years which period may be extended with two periods of seven years respectively on application; or |
| (ii) | 10 years which period may not be extended; |
| (b) | in the case of A Gold Standard project— |
| (i) | 7 years which period may be extended with three periods of seven years respectively on application; or |
| (ii) | 10 years which period may not be extended; |
| (c) | in the case of a VCS project— |
| (i) | for offsets in respect of agriculture, forestry and other land use, other than offsets stipulated in subparagraph (ii)— |
| (aa) | not less than 20 years but not more than 100 years; and |
| (bb) | extended not more than four times; |
| (ii) | for all offsets in respect of agriculture, forestry and other land use and agricultural land management exclusively in respect of nitrous oxide, methane or fossil derived carbon dioxide, a period of not more than 10 years which period may be extended twice. |
| (iii) | for all offsets in respect of activities other than activities contemplated in subparagraphs (i) and (ii), a period— |
| (aa) | of 7 years which period may be extended twice but not more that 21 years; or |
| (bb) | ten years which period may not be extended. |
[Regulation 3(1)(c)(iii) inserted by section 4 of Notice No. 595, GG44818, dated 8 July 2021]
| (2) | Despite regulation 2(1)(b), if— |
| (a) | any offset exists in respect of an activity that is carried on in respect of which the carbon tax is not imposed; and |
| (b) | the activity referred to in paragraph (a) becomes an activity in respect of which the carbon tax is imposed, |
that offset is allowed to be utilised in terms of these regulations until the period contemplated in subregulation (1) expires.
