Carbon credits are measured in tonnes of carbon dioxide. 1 credit = 1 tonne of CO2. Imagine 1 tonne of CO2 would fill a swimming pool the size of 10 by 25 metres and 2 metres deep.
These credits need to be authentic, scientifically based and comply with a regulatory body for these to be traded with confidence. Verification is essential.
These tradeable carbon credits are then given a monetary value set by the market and can be bought and sold between groups on state, national and international markets.
The owner then has the right to emit 1 tonne of CO2† per credit or trade if not needed. ie they have made significant reductions to meet their targets.
Credits may also be retired, meaning taken off the market. They can donated to non-profit groups and are tax deductible in countries where trading is taking place. Large amounts of credits can be bought and retired, thus driving the price up and forcing organisation to decrease their carbon emissions which is fantastic for the environment.
As an individual or business you can purchase carbon credits to offset your UNAVOIDABLE carbon emissions (ie car and air travel) under a voluntary or mandatory scheme.
††††††††† In a collaboration with The Carbon Reduction Institute in Sydney, ZYC has decided to promote and sell energy efficiency sourced carbon credits that have a direct, immediate and calculable effect on reducing carbon emissions. Carbon calculator and carbon credit purchase optionpage- click here.