Forest (Carbon Stock Management) Regulations, 2021 (S.I. No. 66 of 2021).

Comprising 28 articles, these Regulations seek to govern activities related to forest carbon stock management, including deforestation reduction, forest degradation reduction, forest conservation, sustainable forest management, and enhancement of carbon stocks. Article 4 outlines eligible areas for forest carbon stock management permits. User rights are addressed in Article 5, and Article 6 specifies eligible permit holders. Additionally, the regulations cover procedural matters associated with permits.
The main provisions regulate the following (i) forest carbon stock management projects or programs approved by the Director for greenhouse gas reduction take precedence within a jurisdiction; (ii) permit holders within the jurisdiction can only trade carbon through the jurisdictional entity; (iii) independent carbon trading by a permit holder requires Director approval; (iv) permit holders within a jurisdictional project may receive specific permission for independent trading for up to three years if trading began before program approval; (v) greenhouse gas reduction must not be generated by multiple entities or sold to multiple buyers; (vi) project information is publicly accessible, with protection for commercially sensitive data. As for the monitoring, reporting, and verification issues, it is established that permit holders must adhere to monitoring, reporting, and verification rules, using approved methodologies. They need to provide data, parameters, and a monitoring plan for greenhouse gas quantification, follow nationally recognized verification requirements, implement quality management procedures, and submit relevant information.