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Why Does the CO2 Offset Matter?

Additions to Atmosphere
Because of the burning of fossil fuels, the clearing of forests, and other such practices, the amount of CO2 in the atmosphere has been increasing since the Industrial Revolution. Atmospheric concentrations have risen from an estimated 260 to 300 parts per million (ppm) in preindustrial times to more than 350 ppm today. This increase accounts for only half of the estimated amount of carbon dioxide poured into the atmosphere. The other 50 percent has probably been taken up by and stored in the oceans. Although terrestrial vegetation may take up considerable quantities of carbon, it is also an additional source of CO2.

Atmospheric CO2 acts as a shield over the earth. It is penetrated by short-wave radiation from outer space but blocks the escape of long-wave radiation. As increased quantities of CO2 are added to the atmosphere, the shield thickens and more heat is retained, increasing global temperatures. Although such increases have not yet been great enough to cancel out natural climatic variability, projected increases in CO2 from the burning of fossil fuels suggest that global temperatures could rise some 2° to 6° C (about 4° to 11° F) by early in the 21st century. This increase would be significant enough to alter global climates and thereby affect human welfare.

From http://encarta.msn.com/encyclopedia_761554288/Carbon_Cycle_(ecology).html