Section 28E

“carbon credit” means a tradeable instrument, domestically and internationally, that is issued by a

Government or an independent certification body in the form of permit, licence or certificate that results from forest carbon activity;

“carbon credit unit” means a unit of account representing one tonne of emission reductions issued by a carbon standard pursuant to the applicable carbon standard rules and held in a carbon registry;

“carbon registry” means an electronic database system or any other system that is established and operated by a carbon standard or on their behalf including for the holding, delivery, retirement, cancellation and replacement of carbon credit unit in accordance with the applicable carbon standard;

“carbon sequestration” means the natural process (such as planting trees to absorb carbon dioxide)

to reduce and remove carbon dioxide from the atmosphere, thus preventing greenhouse gas build-up in the earth’s atmosphere;

“carbon sink” means a natural storage area that collects chemical compounds which contain carbon dioxide and store these for an indefinite period and in its natural form, carbon sinks are made up of forests, rocks and soil and the oceans;

“carbon standard” means a programme or standard administrated by a mandatory or voluntary domestic or international GHG programme, certification, scheme or protocol, pursuant to which a forest carbon activity is formally accepted and registered pursuant to the carbon standard rules and in respect of which carbon credit units are issued for into a carbon registry;

“carbon standard rules” means all applicable guidance, regulations, rules and procedures of the carbon standard (whether made at the direction of the carbon standard administrator, a Government, a Governmental body, regulator, competent authority or otherwise) as modified, amended, or supplemented from time to time relating to the rules and requirements relating to the applicable carbon standard, carbon registry, registration and issuance process and other carbon standard documents;

“carbon trading” means the buying, selling or trading of carbon credits in the voluntary or regulated markets whether in the international emission trading exchange or in a carbon trading mechanism established in the open market;

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“emission reductions” means the removal, limitation, reduction, avoidance, sequestration or mitigation of emissions of GHG measured in tCO2e from the atmosphere relative to a baseline scenario including the establishment of carbon sinks or any other activity which are capable of representing and which are capable of being represented in a form of unit of measure pursuant to the carbon standard rules;

“forest carbon activity” means any activity, action, project or groups of activities which leads to the emissions reductions which are verified in accordance with a carbon standard; and

“greenhouse gas (GHG)” means any of carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons and sulphur hexafluoride and any other substance recognized as a greenhouse gas under a carbon standard.