means a carbon reduction project, verified by a carbon offset standard, which occurs within a company’s supply chain or supply chain communities.

[where Greenhouse Gases [sequestered] [removed from the atmosphere] [absorbed by the [processes] [activities]] [of [name of party]] are greater than Greenhouse Gases emitted [by [name of party]]. OR where there is a net sequestration effect from either production or total lifecycle impact of a product leading to negative Greenhouse Gas emissions. OR where [an entity] has achieved a Net Zero Target but has also created an environmental benefit by removing Greenhouse Gases from the atmosphere or reducing its Greenhouse Gas Emissions to the atmosphere such that the aggregated reductions and removals exceed the unabated emissions. OR an [activity OR technology] that absorbs more carbon dioxide from the atmosphere than it emits. OR the reduction of an entity’s Carbon Footprint to less than Carbon Neutral, so that the entity’s [operations OR activities] have a net effect of removing carbon dioxide from the atmosphere rather than adding it.]

[means the Greenhouse Gases emitted by [an entity] are equal to Greenhouse Gases sequestered by [the entity] (and/or offset by carbon credits [or equivalent] purchased by [the entity]) [in [define time period]]. OR means [the entity] has purchased carbon credits equal to, or undertaken activities that will remove the same amount of, Greenhouse Gases that it is responsible for emitting through its activities [in [define time period]]. OR means annual zero net anthropogenic (human caused or influenced) Greenhouse Gas [carbon dioxide] emissions by [insert date]. OR means [name of party] has compensated for every tonne of Greenhouse Gas [carbon dioxide] it has emitted or caused to be emitted with an equivalent amount of Greenhouse Gas [carbon dioxide] removed in the same period. OR means [the entity’s] Carbon Footprint has been quantified and a carbon reduction and management plan has been developed and implemented to ensure reductions in Greenhouse Gas emissions year on year that will result in net zero emissions by [insert date]. OR means where an entity has reduced its Carbon Footprint to zero. OR means an activity which does not increase the Greenhouse Gases in the atmosphere. OR means striking a balance between emitting and absorbing carbon from the atmosphere.]

[means the date set by [the Board of the Company] to achieve Carbon Neutral status [which date should not be more than 24 months from the date of the meeting convened under clause [x]]. OR means the date set by [the Board of the [Company] [Borrower]] to achieve Carbon Neutral status[ which date should not be more than [24] months from [the date of the meeting convened under clause [x] OR the date of this Agreement OR [insert other date]] ].]

means one where the sum of the Greenhouse Gas Emissions (Carbon Dioxide Equivalent (CO2e)) produced is offset by natural carbon sinks [and OR or] the purchase of carbon credits.

means the purchase of a quantity of carbon credits equal to the amount of [organisation name’s] Residual Emissions from a project that has been verified in accordance with [insert name of voluntary standard] or from a United Nations Framework Convention on Climate Change (UNFCCC) clean development mechanism (CDM) [or [successor OR equivalent] UNFCCC mechanism] project.

means reporting of Greenhouse Gas emissions in rounded tonnes of carbon dioxide or Carbon Dioxide Equivalent (CO2(e)) to the [authority'>competent authority] on an annual basis in accordance with the requirements of Regulation (EU) No 601/2012 of 21 June 2012 on the monitoring and reporting of greenhouse gas emissions pursuant to Directive 2003/EC of the European Parliament and of the Council, including verification of reports in accordance with Regulation (EU) No 600/2012 of 21 June 2012 on the verification of greenhouse gas emission reports and tonne-kilometre reports and the accreditation of verifiers pursuant to Directive 2003/87/EC of the European Parliament and of the Council.

means reporting of Greenhouse Gas emissions in rounded tonnes of carbon dioxide or Carbon Dioxide Equivalent (CO2(e)) to the [authority'>competent authority] on an annual basis in accordance with the requirements of Regulation (EU) No 601/2012 of 21 June 2012 on the monitoring and reporting of greenhouse gas emissions pursuant to Directive 2003/EC of the European Parliament and of the Council, including verification of reports in accordance with Regulation (EU) No 600/2012 of 21 June 2012 on the verification of greenhouse gas emission reports and tonne-kilometre reports and the accreditation of verifiers pursuant to Directive 2003/87/EC of the European Parliament and of the Council.

[means information on an organisation’s Greenhouse Gas emissions in tonnes of Carbon Dioxide Equivalent, to a standard not less than that required by the UK government’s Streamlined Energy and Carbon Reporting (SECR). OR means reporting of national inventories of aggregate anthropogenic Greenhouse Gas emissions by sources in tonnes of Carbon Dioxide Equivalent (CO2eq), using the global warming potential values as agreed by decision 24/CP.19 or any subsequent decision of the Conference of the Parties (COP) on global warming potentials, pursuant to Article 12, paragraph 1(a) of the United Nations Framework Convention on Climate Change (UNFCCC).]

Note that additional commentary on the issues discussed in this Practice Note in the context of the regulation, consenting and incentivisation of the net zero energy transition is available in the following textbook that we have published: Collinson and Hockman on Energy Law: Regulating, Consenting and Incentivising the Energy Transition. What is carbon capture, usage and storage (CCUS)? CCUS is sometimes referred to as ‘carbon capture and storage’ (CCS), which is, broadly, a more narrow subset of the same industry. CCS refers to a variety of processes which capture and store CO2 emissions from industrial activities. CCS generally involves the following steps: • capturing CO2 generated by industrial processes (or removing unavoidable and/or historic CO2 directly from the air, also referred to as ‘Direct Air Carbon Capture’ (DACC) and compressing it to a liquid state • transporting the CO2 (usually via pipelines, which may include re-purposed natural gas pipelines) to deep underground geological storage points, eg rock formations, depleted oil and gas reservoirs

This Practice Note considers the planning framework applicable to carbon capture usage and storage (CCUS) projects in England and Wales. For a broader overview of CCUS deployment in the UK, see Practice Note: UK CCUS—an introduction. For more information on the (non-planning) licensing and permitting requirements applicable to CCUS developments in the UK, see Practice Note: Carbon capture usage and storage (CCUS)—UK permitting requirements. Note that additional commentary on the issues discussed in this Practice Note in the context of the regulation, consenting and incentivisation of the net zero energy transition is available in the following textbook that we have published: Collinson and Hockman on Energy Law: Regulating, Consenting and Incentivising the Energy Transition. For detailed legal analysis and commentary on CCUS, see also textbook: Carbon Capture and Storage. What is carbon capture, usage and storage (CCUS)? Overview Carbon capture usage and storage (CCUS) refers to a variety of processes which capture, store and/or use CO2 emissions. CCUS can be applied to a range of sectors (eg power,

This Practice Note provides an overview of the business model developed by the UK government to support the deployment of power generation projects with carbon capture, usage and storage (CCUS). It covers the key features of the power capture business model, including the Dispatchable Power Agreement and the legislation and regulation underpinning the model. For more information on: • planning framework applicable to CCUS projects, see Practice Note: Carbon capture usage and storage—planning and policy • permitting requirements for CCUS projects, see Practice Note: Carbon capture usage and storage—permitting requirements We also publish detailed textbook commentary on CCUS and other aspects of the net zero energy transition. For further legal analysis and commentary on CCUS, see textbook: Carbon Capture and Storage. For broad commentary on the regulation, consenting and incentivisation of the energy transition under the laws of England and Wales, including UK CCUS, see also: Collinson and Hockman on Energy Law: Regulating, Consenting and Incentivising the