Eligible Interest Holder Consent - What is it?

What is Eligible Interest Holder Consent?

Eligible Interest Holder Consent is written permission from everyone that has an interest in your carbon project to participate and commit to the requirements of conducting a carbon project.

This is required as before the Clean Energy Regulator will issue you carbon credits it needs to have confirmation that everyone involved is on board and committed to the long term obligations involved with having a project and being issued credits.

When we registered your project we did so without collecting this consent to allow you to get started on your project as fast and painless as possible. This means your project is declared and can be issued credits , on the condition of receiving eligible interest holder consent. Once this is received they remove this condition and you are able to be issued carbon credits. 

Who needs to give consent?

We need consent from any owners of the land and anyone that has a legal interest on your land.

This typically includes:

• You (the landowner)
• Your bank (if you have a mortgage)
• Any other parties listed on your land title (like easement holders or power line companies)

When do I need to complete this consent?

This consent is required by law before you can receive carbon credits (ACCUs) from your project.

This means that this is due when you apply for credits or if you haven't received credits before the 5- year anniversary of your project- it is due before that 5- year anniversary date.

We recommend though you get this done as early as possible in your project as the banks can take a while to process this. If you wait until you apply for credits this can hold you up significantly and delay you receiving your ACCU's. The ideal scenario is to get this done in year 1 , so its all done ready as soon as you measure an increase and it gives you one less thing to think about at audit time. 

How do I start this process?

To get started on ticking this off please contact us requesting to start this process. We are happy to get this moving at anytime.

The best way to start is send us an email with the key information we need.

In the email please answer the below questions:

1. Who is on your land title and what are their names ? eg. you and your partner or family.

2. Have you had any changes to your land title since beginning your project? eg. sold areas, bought people out, purchased more land or similar. If yes, please provide details.
3. Is there any other organizations such as phone companies, power lines, wind farms or similar that are operating on your property in your included project areas? 
4. Do you have a mortgage on the land your project is on?
5. If you have a mortgage - what bank are you with, branch and the contact details of your bank manager? 

Once we have this information we can do the necessary checks, send everyone the forms and start getting this moving.

What happens Next ?

For Projects WITHOUT a Mortgage

If you own your land outright with no mortgage, the consent process is simple:

1. We'll send you a consent form to sign
2. Once signed, we can submit this consent for you. 
3. Your project can start generating credits right away

For Projects WITH a Mortgage or other consents:

We need to get signatures from all of them as well as you as the landowner. 

Once we have your information: 

1. We will check over your land titles of who needs to give consent.

2. We will contact your bank and anyone else required to inform them we need their consent.

3. We will handle the back and forth and give them the information needed to sign off on it. Please note: we will do everything we can, but some banks will not allow us to do it all and prefer to deal with you directly. We will walk you through this when required.
4. Once we have everyone including your consent - we will submit this to the Clean Energy Regulator for them to sign off.
5. Once the eligible interest holder consent is received you will be eligible to be issued carbon  credits when you measure an increase. 

How Long Does It Take?

Without a mortgage: 1-2 weeks after you sign

With a mortgage: This will depend on your bank. Generally 4-8 weeks for most banks depending who you are with and on their current workload.  It can take longer than this in busy times and especially if you are slow to get them any information they need.

Does This Cost Me Anything?

No. There are no fees for the bank consent process. It's part of our service.

What If My Bank Has Concerns?

In our experience, some banks are less familiar with soil carbon projects than others and can have a lot of questions. However banks very rarely decline projects as:

• Carbon farming improves soil health and farm productivity
• It creates an additional income stream
• It doesn't restrict normal farming operations
• Projects are backed by government legislation

Which are all benefits to your farm and your ability to repay your mortgage!

If your bank has questions, we'll work with them directly to address any concerns. We've successfully obtained consent from banks all across Australia.

Does waiting for this consent affect what I can do in my project?

No, you can continue with your project and farming as normal. The consent does not influence what you do in your project on the day to day.

Where it will impact you is this needs to be done before you can receive ACCU's, so your ACCU's will be delayed significantly if you have to complete this process in addition to the crediting requirements.

What Happens After Consent?

Once we receive signed consent from all parties:

1. We lodge a variation with the Clean Energy Regulator
2. Your project becomes "unconditional" (usually within 2-4 weeks)
3. Your project can start generating ACCUs
4. You can proceed with crediting once you've completed your required monitoring.

Need Help?

If you have questions about the consent process or want to check on the status of your bank consent, contact your AgriProve project manager anytime on 1300 GOSOIL.