Chevrolet Buys $600,000 In Carbon Credits From CF Industries
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Nitrogen fertilizer manufacturing company CF Industries Holdings Inc. has announced the sale of $600,000 in carbon offset credits to General Motors and Chevrolet. The proceeds of the sale will benefit the National FFA Foundation, which financially supports various agricultural education organizations.
Chevrolet is one of the most active companies in purchasing carbon credits and recently purchased an additional $500,000 in credits from three separate American universities as part of its Carbon Reduction Initiative. CF industries earned their credits through implementing nitrous oxide reduction technologies in order to lessen greenhouse gas emissions. The company began its nitrous reduction efforts in 2008.
“Our products help farmers feed the world and this unique transaction will benefit a great organization teaching the next generation of farmers how to succeed,” said Tony Will, president and chief executive office at CF Industries. “This is a first-of-its-kind undertaking for our industry, and we are pleased to partner with Chevrolet in support of America’s future farmers.”
Chevrolet committed to purchasing up to 8 million tons worth of carbon credits in 2008, and stayed true to its word, consistently buying credits from a variety of clean energy projects and technologies across the United States. The credits are also retired and are not used to offset emissions from any GM operations or products.
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Why buy credits? If GM sells more EVs (Volt, ELR, and Spark EV) they will generate credits for sale, or at least cancel the losses from the trucks and SUVs.
The very last line of the article: “The credits are also retired and are not used to offset emissions from any GM operations or products.”