CHAMPAIGN, Ill. (AP) — The University of Illinois has reached a deal to sell carbon credits to Chevrolet.
The school said Friday that it would sell the automaker about 150,000 metric tons of carbon credits. The sale, including campus matching funds, would net the Urbana-Champaign campus more than $1 million.
The credits come after the UI reduced its carbon dioxide emissions over the past few years. The credits are a financial way to measure the carbon dioxide removed from the air. Companies, governments and others can buy the credits to offset their own carbon emissions. But The News-Gazette reports that Chevrolet is expected to retire the Illini credits on behalf of the environment.
An independent agency still must measure UI’s carbon credits and the Verified Carbon Standard must certify the total.