In Catholic theology, an indulgence is the full or partial remission of temporal punishment[SUP][/SUP] due for sins which have already been forgiven. The indulgence is granted by the Catholic Church after the sinner has confessed and received absolution.[SUP][/SUP] An indulgence is thus not forgiveness of sin nor release from the eternal punishment associated with hell in Christian beliefs.[SUP][/SUP] The belief is that indulgences draw on the Treasury of Merit accumulated by Christ's superabundantly meritorious sacrifice on the cross and the virtues and penances of the saints.[SUP][4][/SUP] They are granted for specific good works and prayers.[SUP][/SUP]
Indulgences replaced the severe penances of the early Church[SUP].[/SUP] More exactly, they replaced the shortening of those penances that was allowed at the intercession of those imprisoned and those awaiting martyrdom for the faith.[SUP][/SUP]
Alleged abuses in selling and granting indulgences[SUP][/SUP] were a major point of contention when Martin Luther initiated the Protestant Reformation (1517).
A carbon credit is a generic term for any tradable certificate or permit representing the right to emit one tonne of carbon dioxide or the mass of another greenhouse gas with a carbon dioxide equivalent (tCO[SUB]2[/SUB]e) equivalent to one tonne of carbon dioxide.[SUP][1][/SUP][SUP][2][/SUP][SUP][3][/SUP]
Carbon credits and carbon markets are a component of national and international attempts to mitigate the growth in concentrations of greenhouse gases (GHGs). One carbon credit is equal to one metric tonne of carbon dioxide, or in some markets, carbon dioxide equivalent gases. Carbon trading is an application of an emissions trading approach. Greenhouse gas emissions are capped and then markets are used to allocate the emissions among the group of regulated sources.
The goal is to allow market mechanisms to drive industrial and commercial processes in the direction of low emissions or less carbon intensive approaches than those used when there is no cost to emitting carbon dioxide and other GHGs into the atmosphere. Since GHG mitigation projects generate credits, this approach can be used to finance carbon reduction schemes between trading partners and around the world.
There are also many companies that sell carbon credits to commercial and individual customers who are interested in lowering their carbon footprint on a voluntary basis. These carbon offsetters purchase the credits from an investment fund or a carbon development company that has aggregated the credits from individual projects. Buyers and sellers can also use an exchange platform to trade, such as the Carbon Trade Exchange, which is like a stock exchange for carbon credits. The quality of the credits is based in part on the validation process and sophistication of the fund or development company that acted as the sponsor to the carbon project. This is reflected in their price; voluntary units typically have less value than the units sold through the rigorously validated Clean Development Mechanism.[SUP][4][/SUP]
Indulgences replaced the severe penances of the early Church[SUP].[/SUP] More exactly, they replaced the shortening of those penances that was allowed at the intercession of those imprisoned and those awaiting martyrdom for the faith.[SUP][/SUP]
Alleged abuses in selling and granting indulgences[SUP][/SUP] were a major point of contention when Martin Luther initiated the Protestant Reformation (1517).
A carbon credit is a generic term for any tradable certificate or permit representing the right to emit one tonne of carbon dioxide or the mass of another greenhouse gas with a carbon dioxide equivalent (tCO[SUB]2[/SUB]e) equivalent to one tonne of carbon dioxide.[SUP][1][/SUP][SUP][2][/SUP][SUP][3][/SUP]
Carbon credits and carbon markets are a component of national and international attempts to mitigate the growth in concentrations of greenhouse gases (GHGs). One carbon credit is equal to one metric tonne of carbon dioxide, or in some markets, carbon dioxide equivalent gases. Carbon trading is an application of an emissions trading approach. Greenhouse gas emissions are capped and then markets are used to allocate the emissions among the group of regulated sources.
The goal is to allow market mechanisms to drive industrial and commercial processes in the direction of low emissions or less carbon intensive approaches than those used when there is no cost to emitting carbon dioxide and other GHGs into the atmosphere. Since GHG mitigation projects generate credits, this approach can be used to finance carbon reduction schemes between trading partners and around the world.
There are also many companies that sell carbon credits to commercial and individual customers who are interested in lowering their carbon footprint on a voluntary basis. These carbon offsetters purchase the credits from an investment fund or a carbon development company that has aggregated the credits from individual projects. Buyers and sellers can also use an exchange platform to trade, such as the Carbon Trade Exchange, which is like a stock exchange for carbon credits. The quality of the credits is based in part on the validation process and sophistication of the fund or development company that acted as the sponsor to the carbon project. This is reflected in their price; voluntary units typically have less value than the units sold through the rigorously validated Clean Development Mechanism.[SUP][4][/SUP]
