First published:

22nd July 2024

Status:

v2 Active since 1st August 2025

v1 Active since 22nd July 2024

Authors:

PFS Certification Ltd

VVB Assessment Report(s): 

v2 SGS 21st July 2025

v1 SGS 8th July 2024

Summary of Changes:

Version Number – Amend: V2

Date of Posting – Amend: 30th April 2025

Background – Amend: To Read – BACKGROUND A. PFS facilitates the certification of forests as Permanent Forests eligible to be issued tradable Proven Green Claim Certificates and Voluntary Carbon Credits recording the permanent sequestration of CO2-e.

Annexure Schedule 2, b, c and 1.1 c: Amend: To Read – B. The Encumbered Interest is utilised for forestry activities and the Encumbrancer has applied for certification as a permanent forest under the PFS Standard. C. To secure the performance of its obligations and duties under the PFS Standard, the Encumbrancer has agreed:

Annexure Schedule 2, 1.1 j - Amend: To Read - “PFS Standard” as published on the PFS website pfs-carbonstandard.com.

Annexure Schedule 2, 1.1 l - Amend: To Read - "VCCs” means a tradeable permanent forest removal unit issued by PFS Certification Limited pursuant to the PFS Terms.

Point 2, Covenants, 2.1, b – Amend: To Read - expiry or termination of the PFS Standard, whichever is the  later.

Point 2, Covenants, 2.2 – Amend: To Read - If within 9 months of the first date VCCs issued to the Encumbrancer are offered for sale at the market price on the Platform not one of those VCCs has sold then the Encumbrancer may terminate this Encumbrance by notice in writing to the Encumbrance. On termination pursuant to this clause 2.2, the Encumbrancer agrees for the benefit of PFS Certification Limited for the purposes of the contracts privity section of Contract and Commercial Law Act 2017 that certification as a permanent forest under the PFS Standard will be cancelled and all VCCs or rights to be issued VCCs held by the Encumbrancer will be extinguished.

Point 2, Covenants, 3.2, d - Amend: To Read - a breach of the PFS Standard or the Agreement on the part of the Encumbrancer shall be deemed a breach of the covenants under this Encumbrance.

Second Schedule, 1.2, e - Amend: To Read - will obtain and maintain all consents required to utilise the Covenant Area for permanent forestry activities as contemplated by the PFS Standard and will comply with all conditions of such consents.

Second Schedule, 1.4, e - Amend: To Read - comply with the provisions of the PFS Standard as it relates to the Covenant Area and the Trees within it.

Second Schedule, 2.1, a, ii - Amend: To Read - the Agreement and the certification as a permanent forest pursuant to the PFS Standard is novated and assigned to the transferee with effect from the date of transfer of the land.

Second Schedule, 2.1, b, ii - Amend: To Read - the proposed lessee or grantee enters into a deed of covenant (in the form prepared by the Encumbrancee’s solicitors) covenanting to observe and perform the obligations and duties under the Agreement and PFS Standard capable of being performed by the grantee.

Dates of Public Consultation:

16th June 2025 to 7th July 2025

Please click here to view v1 PFS-IB-017