price. Annual carbon dioxide emissions in developed countries range from 6 to 23 tons per capita. Accounting systems differ on precisely what constitutes a valid offset for voluntary reduction systems and for mandatory reduction systems. However formal standards for quantification exist based on collaboration between emitters, regulators, environmentalists and project developers. These standards include the Voluntary Carbon Standard, Plan Vivo Foundation, Green-e Climate, Chicago Climate Exchange and the Gold Standard, the latter of which expands upon the requirements for the Clean Development Mechanism of the Kyoto Protocol. Criteria of Quality Accounting of offsets may address the following basic areas: Baseline and Measurement—What emissions would occur in the absence of a proposed project? And how are the emissions that occur after the project is performed going to be measured? Additionality—Would the project occur anyway without the investment raised by selling carbon offset credits? There are two common reasons why a project may lack additionality: (a) if it is intrinsically financially worthwhile due to energy cost savings, and (b) if it had to be performed due to environmental laws or regulations. Permanence—Are some benefits of the reductions reversible? (for example, trees may be harvested to burn the wood, and does growing trees for fuel wood decrease the need for fossil fuel?) If woodlands are increasing in area or density, then carbon is being sequestered. After roughly 50 years, forests begin to reach maturity, and remove carbon dioxide more quickly than a recently re-planted forest area. Leakage—Does implementing the project cause higher emissions outside the project boundary? Double-Counting—Is the project claimed as carbon offsetting by more than one organization? Co-benefits—Are there other benefits in addition to the carbon emissions reduction, and to what degree? Oxford Offsetting Principles In September 2020, the University of Oxford launched new principles for credible carbon offsetting ("Oxford Offsetting Principles"). According to the principles, traditional carbon offsetting schemes are "unlikely to deliver the types of offsetting needed to ultimately reach net zero emissions." The Oxford Offsetting Principles are: "Cut emissions, use high quality offsets, and regularly revise offsetting strategy as best practice evolves "Shift to carbon removal offsetting. CO2 Removal Certificates (CORCs) are an example carbon removal credits based on the Puro Standard for CO2 removal "Shift to long-lived storage "Support the development of net zero aligned offsetting" Co-benefits While the primary goal of carbon offsets is to reduce global carbon emissions, many offset projects also claim to lead