70.20. Subject to any specific proportion set out in a protocol appearing in Appendix D, following the receipt of a project report that has a positive verification result and meets the conditions of this Regulation, the Minister places in the general account of the promoter of the project an offset credit for each metric tonne CO2 equivalent of 97% of the eligible GHG emission reductions, within the meaning of paragraph 5 of section 70.14, for the period covered by the project report, rounded down to the nearest whole number.
The offset credits corresponding to the remainder of the GHG emission reductions for the period covered by the project report are placed in the Minister’s environmental integrity account.
Following the first placement of offset credits for an initial or renewed project, the heading for the project in the register of offset projects is replaced, as the case may be, by the heading “single active project” or “aggregation of active projects”, in the case of an initial application, or “single renewed active project” or “aggregation of renewed active projects” in the case of a renewed project.
If the verification report is negative or the project is not in conformity with the conditions of this Regulation, no offset credit is issued to the promoter by the Minister for the period covered by the project report.
O.C. 1184-2012, s. 45; O.C. 1138-2013, s. 25.