July 16, 2007
Company Buys Carbon Credits To Destroy Them
UK shopping portal GoCarbonFree is using its profits to buy carbon credits under the United Nations’ Clean Development Mechanism and destroys them, VNUNet reports.
The aim is to raise the price of carbon credits by taking some off the market, making them scarce and thus forcing businesses to buy fewer credits because they will be more expensive, and in turn forcing them to emit less carbon.
Jeremy Walters, marketing director at GoCarbonFree, admits that his company’s contribution to raising the price of carbon is a drop in the ocean at this stage.
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Reader Comments
Isn’t this what all the carbon offset companies do in the US, when they retire credits on CCX or another trading platform? Granted it’s not through the CDM, but same theory..
Nobody abroad does this yet? Or did I misinterpret something?
Jason K | July 16th, 2007
Yes, carbon offset organizations in the U.S., such as LiveNeutral (www.liveneutral.org) do this through the CCX (Chicago Climate Exchange). It has been doing this since 2005, through its affiliation with Presidio School of Management, which is a member of CCX. Anyone – individuals, organizations, companies, universities – can participate through LiveNeutral and make a difference.
Ellisa F. | July 17th, 2007