July 2005 - TerraPass Inc., a company recently formed by a group of Wharton Business School classmates, is offering a service to offset automobile-related greenhouse gas emissions. Interested customers can purchase a TerraPass to offset the carbon dioxide (CO2) emissions associated with driving 12,000 miles. The base price ranges from $29.95 to $79.95 depending on the fuel efficiency of the vehicle driven, which is equivalent to from $9 to $11 per metric ton of CO2 offset.
TerraPass uses the revenues to purchase renewable energy certificates (RECs) and to purchase and retire CO2 emissions offsets from the Chicago Climate Exchange. For example, TerraPass has purchased Green-e certified RECs from wind projects and RECs from a dairy farm anaerobic digestion project. Customers who purchase a TerraPass also receive a window decal and bumper sticker.
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