Lakeview Carbon Sequestration Project 2 (Revoked)

Lakeview Carbon Sequestration Project 2 (Revoked) was a Reforestation and Afforestation project located approximately 7km south of Uralla, a town in the New England region of New South Wales. Registered in September 2015 by proponents Frederick Cameron Banks and Lesley Evellynne Banks, the project covered a substantial area of 525.89 hectares. However, the project was revoked less than three years later in April 2018.

The project operated under the Carbon Credits (Carbon Farming Initiative) (Reforestation and Afforestation) Methodology Determination 2013. This methodology requires landholders to plant forest species (seeds or seedlings) on land that has been clear of forest for at least five years, typically land previously used for grazing or cropping. The objective is to establish a permanent forest that achieves a crown cover of at least 20% and a height of at least 2 meters.

Situated in the Northern Tablelands, the Uralla region is characterized by a temperate climate with a dominance of summer rainfall. The area is renowned for its fine wool and cattle grazing industries, supported by soils that range from granite-derived sandy loams to richer basalt types. The "Lakeview" property likely engaged in these traditional agricultural pursuits prior to the project's establishment.

A key note for this project is its revocation under Section 30 of the CFI Rule. This section refers to a voluntary revocation, indicating that the proponents chose to cancel the project themselves, rather than it being forcibly revoked by the regulator for non-compliance. Voluntary revocation often occurs when a project is deemed economically unviable, the property is sold, or the landholders decide to switch to a different land management strategy.