GLOSSARY
To provide an understanding of some of the terms and phrases included
on this site (and other sites we refer to) we include this glossary
for you assistance:
Abatement means reducing the level of greenhouse gas emissions.
Abatement Units means those units of abatement equivalent to the
reduction of one metric tonne of CO2 from the atmosphere.
Acquittal means the application of an Abatement Unit for the purpose
establishing an effective, register able and bona fide carbon offset
for any given Vintage Year. An Abatement Unit can only be counted
("acquitted") once for purposes of legitimately offsetting the emission
of CO2.
Additionality means pertaining to projects or activities that
achieve 'additional' reductions in emissions compared with a 'business
as usual' scenario.
Afforestation means planting of new forests on lands not recently
forested.
AGO means Australian Greenhouse Office.
Agreement means these the terms and conditions for the purchase
of offsets from PundaZoie ™ and annexures.
Assignee means any natural person, corporation, body corporate,
partnership, incorporated association or legal entity of any kind
or nature to which the Customer chooses to assign any beneficial interest
arising by virtue of this Agreement.
Bio-sequestration means the removal of atmospheric CO2, through
biological processes (for example, photosynthesis in plants and trees
and from deep-rooted plants and ground cover).
Business-as-usual means an estimate of future patterns of energy
consumption and greenhouse gas emissions which assumes that there
will be no major changes in attitudes and priorities.
Cap and Trade Scheme means an emissions trading regime in which
a limit (or cap) is placed on the total emissions allowable from the
activities or sectors covered under the scheme. Emissions limits are
set below what they would be under a 'business-as-usual' scenario.
Carbon Credit: is used in emission trading schemes (see emissions
trading), where one credit gives the owner the right to emit one tonne
of CO2.
Carbon Footprint means a measure of the amount of CO2 e emitted
through the combustion of fossil fuels; it is commonly used at an
individual, household or business level.
Carbon neutral where an individual or company's carbon emissions
are effectively reduced to zero through a combination of reducing
energy consumption, using renewable energy and offsetting the remainder
by (for example) planting trees to absorb carbon dioxide from the
atmosphere.
Carbon Offsets means an activity that compensates all or part
of the CO2 emissions of an emitting entity, by reducing the emissions
or increasing the CO2 absorption of another entity. Examples of such
activities are planting trees or funding alternative energy deployment.
Offsets are commonly raised in relation to emissions trading schemes
as they allow least cost abatement outside the capped sector to be
recognized.
Carbon Rights means any current or future right, credit, interest,
certificate, offset, allowance, entitlement, or benefit whether recognized
by any law, regulation, contract, regime, publication, policy, program
or fund (now or in the future) and as created, amended supplemented
or replaced from time to time) arising from Greenhouse Gas (GHG) Reductions
and including any avoidance of doubt or underlying actual physical
reduction in emissions.
Carbon Sequestration means the long-term storage of carbon or
CO2 in the forests, soils, oceans or underground in depleted oil and
gas reservoirs, coal seams and saline aquifers. Examples include:
the separation and disposal of CO2 from flue gases or processing fossil
fuels to produce hydrogen and carbon-rich fractions; and the direct
removal of CO2 from the atmosphere through land-use change, afforestation,
reforestation, ocean fertilisation and agricultural practices to enhance
soil carbon.
Carbon Sequestration Rights mean any property interest or any
other statutory right or entitlement required by law so that PundaZoie
™ can take the benefit of carbon sequestration through forestry achieved
on the Sites to the exclusion of others.
Carbon Sinks mean natural or man-made systems that absorb CO2
from the atmosphere and store them, including trees, plants and the
oceans.
Climate Change means (as defined by the UNFCCC) a change of climate
that is attributed directly or indirectly to human activity that alters
the composition of the global atmosphere and that is in addition to
natural climate variability over comparable time periods.
Credit for Early Action means a provision of an emissions trading
scheme that allows crediting of emissions reductions achieved prior
to the start of an emissions control period. These credits can then
be used to assist in achieving compliance under the scheme.
Deed of Approval means in relation to Approval of Abatement projects
under the Greenhouse Friendly ™ initiative by the Commonwealth of
Australia represented by the Australian Greenhouse Office, Department
of Environment and Heritage (abn 34 894 983) and the PundaZoie Company
Pty. Ltd.
Emissions mean the release of greenhouse gases into the atmosphere.
Emissions Trading means a market-based approach to reducing emissions
that allows an entity in one country that achieves reductions below
what is required to use or trade the excess reductions to offset emissions
at another source inside or outside the country. In general, trading
can occur at the domestic, international and intra-company levels.
International emissions trading constitute one of the Kyoto mechanisms
and are designed to provide developed countries with flexibility in
reducing emissions to achieve their agreed commitments.
Greenhouse Effect means the trapping of heat by naturally occurring
heat-retaining atmospheric gases (water vapour, carbon dioxide, nitrous
oxide, methane and ozone) that keeps the earth about 30°C (60°F) warmer
than if these gases did not exist.
Greenhouse Friendly™ means the initiative of that name for the
certification of products, services and abatement projects established
and operated by the Australian Greenhouse Office, and include its
guidelines, rules and procedures.
Greenhouse Friendly™ Abatement Unit means reduction or sequestration
of greenhouse gas emissions equivalent to one tonne of carbon dioxide
achieved by an approved Greenhouse Friendly™ Abatement Project and
independently verified in accordance with the Greenhouse Friendly™
initiative and its rules.
Greenhouse Gas (GHG) means the atmospheric gases responsible for
causing global warming and climate change. The major GHGs are carbon
dioxide (CO2), methane (CH4), nitrous oxide (N20), hydro fluorocarbons
(Huffs), per fluorocarbons (Pecs) and sculpture hexafluoride (SF6).
Greenhouse Gas (GHG) Reductions and Carbon Rights means the interest
of the Customer in any Carbon Offsets created by virtue of the Customer
entering in an Agreement for the delivery the Offsets Services that
is the subject to any Agreement with PundaZoie ™ including any right
title and interest in any Carbon Offsets that may be transferred to
the Customer's Nominee.
The Greening the Desert™ Project means the reforestation project
initiated by PundaZoie for which approval has been given by the Australian
Greenhouse Office as a Greenhouse Friendly ™ Abatement Project that
is based on planting drought resistant forest species and non-forest,
long-lived canopy trees delivering fodder and cash crops as well as
generating bio-sequestration processes from their subterranean roots
systems and ground cover that is described on the website: www.greeningthedesert.com.
Intergovernmental Panel on Climate Change ('IPCC') means the international
organization established in 1988. The IPCC surveys worldwide scientific
and technical literature and publishes assessment reports that are
widely recognized as the most credible existing sources of information
on climate change. The IPCC also works on methodologies and responds
to specific requests from the UNFCCC's subsidiary bodies.
Kyoto mechanisms (or flexibility mechanisms) mean the three processes
established under the Kyoto Protocol to increase the flexibility and
reduce the costs of making greenhouse gas emissions cuts: the Clean
Development Mechanism, which provides an incentive for developed countries
to invest in greenhouse gas-reducing projects in developing countries;
emissions trading, which is allowed between Annex countries with credits
generated able to be transferred/tracked; and Joint Implementation,
which facilitates projects that generate greenhouse as credits between
developed countries and countries in transition in central and Eastern
Europe.
Kyoto Protocol means an international treaty negotiated under
the auspices of the UNFCCC. It entered into force in 2005. Among other
things, the Protocol sets binding targets for the reduction of greenhouse
gas emissions by developed countries. It includes individual emissions
reduction commitments for developed countries to be met within the
first commitment period of 2008-12.
Notice of Approved Abatement means a notice issued by the Australian
Greenhouse Office approving the abatement claim on the basis of review
of the verification report conducted by a member of the Greenhouse
Challenge Plus™ Panel of Independent Verifiers.
Party means PundaZoie™ or the Customer and Parties means both
of them. Payment means the total amount in Australian dollars that:
- PundaZoie ™ offers to charge the Customer in return for entering
into any Agreement, and
- That is specified in the Tax Invoice attached to an Agreement.
Profit a Prendre means an interest in land recognized and acknowledged
in the State of Tasmania as capable of being protected by way of
a restrictive covenant registered on the title of third party land
to protect sequestration rights.
Program Website means PundaZoie's™ Greening the Desert website portal
at: www.greeningthedesert.com
PundaZoie™ means the registered company the PundaZoie Company
Pty. Ltd. (ACN 101 489 605).
Reforestation means replanting of forests on recently harvested
land.
Renewables mean
energy sources that are constantly renewed by natural processes.
These include non-carbon technologies such as solar energy, hydropower
and wind as well as technologies based on biomass. Life-cycle analyses
are required to assess the extent to which such biomass-based technologies
may limit net carbon emissions.
Sequestration means the removal
of atmospheric CO2, either through biological processes (for example,
photosynthesis in plants and trees), or geological processes (for
example, storage of CO2 in underground reservoirs).
Standard means Australian AS 4978.12006: Quantification monitoring
and reporting greenhouse gases in forest projects - afforestation
and reforestation.
Target Offsets means any targeted Greenhouse Gas (GHG) Reductions
Targets and timetables mean the model embodied in the Kyoto
Protocol in which countries have a specific target for the reduction
of greenhouse gas emissions from a base year by a set date or according
to a set timetable. For example, under the Kyoto Protocol's formula,
the European Union has agreed to reduce its greenhouse gas emissions
to 8 per cent below 1990 levels by the 2008-12 commitment periods.
These targets and timetables are, in effect, a cap on the total
amount of greenhouse gases that can be emitted by a country or region
in a given time period.
Trees mean any kind of tree bush or plant
capable of generating appropriate levels of sequestration by way
of overhead canopy, ground cover or subterranean bio-sequestration;
including drought and salinity tolerant species used by the Anastasiou
method of planting that are generally (but not confined) to the
medicago species of arborea and marina as well as atriplex halimus
(European saltbush) to provide ground and wind cover and to enable
the growth of other drought and salinity tolerant harvestable tree
variety including (but not confined to) olives, figs, carobs, walnuts
and almonds.
Vintage Period means the period during which the Planting Program
is approved and verified as occurring by Greenhouse Friendly ™ and
when the target Offsets are established.
Vintage Year means a given or particular year during
the Vintage Period.
Voluntary Carbon Credits are for commercial ventures and individual
who are interested in lowering their carbon footprint on a voluntary
basis. They can purchase carbon credits from a carbon development
company such as PundaZoie with the purchase price used to fund validated
carbon sequestration projects.
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