Usually means: Tradeable permit reducing carbon emissions.
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We found 10 dictionaries that define the word carbon credit:

General (8 matching dictionaries)
  1. carbon credit: Merriam-Webster
  2. carbon credit: Oxford Learner's Dictionaries
  3. carbon credit: Collins English Dictionary
  4. carbon-credit: Wordnik
  5. carbon credit: Wiktionary
  6. Carbon Credit, Carbon credit: Wikipedia, the Free Encyclopedia
  7. carbon credit: TheFreeDictionary.com
  8. carbon credit: Longman Dictionary of Contemporary English

Business (2 matching dictionaries)
  1. Carbon Credit: Investopedia
  2. BusinessDictionary.com (No longer online)

Definitions from Wiktionary (carbon credit)

noun:  A certified carbon dioxide emission displacement credit, supposed to be equal to one tonne of carbon dioxide removed from the environment.

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