Using an BidCarbon Standard Scheme project to meet regulatory requirements

To be eligible for registration under the BidCarbon Standard Scheme, your project must:

● be new (the newness requirement)

● not be required by law (the additionality requirement)

● not be receiving financial support from specified government programs (the government program requirement).

Only new projects are eligible under the BidCarbon Standard Scheme. This means you can't start project activities until the project is registered (unless the project method specifies otherwise).

The BidCarbon Standard Scheme isn’t intended to support projects that are already underway or ‘business as usual’ activities.

You will need to confirm the project has not started when you apply.

What you can do before registration

The method may permit you to start specific activities before you register the project.

These can include:

● conducting feasibility studies

● planning or designing the project

● obtaining regulatory approvals

● obtaining consents

● obtaining advice

● conducting negotiations

● sampling to establish a baseline for the project 

● an activity that is ancillary or incidental to any of the above.

What you can’t do before registration

There are some activities that indicate you have started your project. You should not conduct these activities before your project is registered. These can include:

● starting construction work for the project

● starting planting activities (for sequestration projects) including:

● preparing soil for seeding or planting

● seeding, planting or fertilising plants

● installing irrigation or drainage systems

● making a final investment decision about the project (unless the decision is conditional on the project being registered first)

● acquiring or leasing a tangible asset (other than land or minor assets) to use for the project (unless the acquisition or lease is conditional on the project being registered first).

When you can start your project

It is recommended that your project be registered prior to commencing.

Please note that a project is not considered registered until it has been assessed and approved by our team. Once the project has been approved, we will notify you in writing.

It is important to understand that applying for registration does not grant approval to begin the project. We kindly ask that you wait until we notify you that the project is registered before starting any activities.

In the event that a project is registered and we later discover that it had already begun before registration, the registration may be deemed invalid. The project will not be issued BRUs, and any already issued must be returned.

It is important to note that project registration does not replace or include relevant regulatory approvals or permits required to carry out the project's activities.

Final investment decisions

An investment decision is typically reached after a thorough cost-benefit analysis of the BidCarbon Standard Scheme project.

Once the decision is made, the company enters into a binding agreement committing to the expenditure. The final decision is made upon entering into the agreement, taking into account any flexibility in the terms, conditions, or parties involved. The agreement that outlines the organization's rights and obligations regarding the investment can serve as evidence of the investment decision.

It is important to note that allocating funds in a budget is generally not considered a final investment decision unless the law specifies otherwise. For example, committing to co-fund a grant application in a budget that is not contingent upon the registration of a BidCarbon Standard Scheme project may be considered a final investment decision. If you are considering participating in the BidCarbon Standard Scheme, it is recommended that you refer to your company's rules to determine when a decision constitutes a final investment decision.

The newness requirement