Carbon credit international market at their current market price"”. There are two main markets for carbon credits; Compliance Market credits Secondary / Verified Market credits (VERs) The burning of fossil fuels is a major source of greenhouse gas emissions, especially for power, cement, steel, textile, fertilizer and many other industries which rely on fossil fuels (coal, electricity derived from coal, natural gas and oil). The major greenhouse gases emitted by these industries are carbon dioxide, methane, nitrous oxide, hydrofluorocarbons (HFCs), etc., all of which increase the atmosphere's ability to trap infrared energy and thus affect the climate. The concept of carbon credits
Carbon capture and storage (timeline) Sleipner field produces natural gas and light oil from the Heimdal sandstones, which are about 2,500 m below sea level. The natural gas produced at Sleipner contains unusually high levels (about 9%) of carbon dioxide, but the customers require less than 2.5%. To encourage companies to cut their carbon emissions, the Norwegian government imposes a carbon tax equivalent to about $50 per ton of CO released into the atmosphere. To avoid paying the tax, and as a test of alternative technology, all of the CO extracted since 1996, when gas production started at Sleipner, has been pumped back deep underground.