Investor Presentaiton

South Pole Group Emissions Reduction Fund Avoidance of double counting (1/2) Type of double counting Double selling Safeguards Public registry with unique identification of projects and all transactions "no double counting test" to avoid Double issuance multiple issuances of the same unit (e.g. under different standards Non-Kyoto ACCUS Activities generating non-Kyoto ACCUs are not reflected in Australia's Kyoto accounts Double claiming Kyoto ACCUS (1) Purchased by the government: KACCUS transferred and cancelled by government (2) Sold on the secondary market: Tracking of transfers through registry Implications Page 20 Double selling virtually impossible; environmental integrity unimpaired Double issuance virtually impossible; environmental integrity unimpaired Environmental integrity is not impaired, as ERs from voluntary domestic projects are not accounted for in national GHG inventory (1) Environmental integrity not impaired; units only claimed by the government (2) Units can be claimed only once Source: adelphi

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