About offsetting
Regulatory guidance defines offsetting as the cancellation or removal of carbon credits from circulation, so they cannot be used again by another buyer.
Kiwi CO2 carbon offsetting is completed in a permanent and publicly verifiable manner through the creation of offset transactions.
An offset transaction removes Kiwi CO2 carbon credits from circulation, creating a permanent public record of how many credits were offset, when they were offset and who offset them. See documentation.
Page contents:
Offsetting logic:
1 Kiwi CO2 (KCO2) carbon credit represents 1 tonne of sequestered atmospheric CO2. This representation is anchored by compliant real-world CO2 sequestration data profiles linked to each Kiwi CO2 (KCO2) carbon credit in circulation, listed in a public registry.
Because 1 Kiwi CO2 carbon credit represents 1 tonne of CO2 that has been captured, deleting that credit represents that CO2 being released. But because the CO2 (that was captured to issue the credit) remains captured after the credit is deleted, the representation of the credit changes to represent CO2 that is emitted.
Offsetting mechanism:
On the stellar-network an asset is deleted or ‘burnt’ when it is sent to the issuing account. This transaction creates a permanent public record proving how many credits were offset, when they were offset and who offset them.
See example below. Offset date: 2023-03-28, offset identity: netzero.org.nz/c1.pdf, offset quantity: 2.268 KCO2.