Carbon Credits have been invented as a method of controlling carbon emissions. The amount of Carbon Credits issued reflects the amount of carbon emissions allowed. That is, Carbon Credits are a commodity which if we reduce the supply of the commodity will reduce the amount of emissions. The problem with Carbon Credits is in limiting the supply and in distributing the money obtained from selling the commodity and making sure the money is used for the purpose of reducing Green House Gas emissions.
Another complementary approach to Carbon Credits is to invent a new currency which we will call Cleans. This currency can only be spent on infrastructure that will reduce Green House Gases. Examples are insulation for homes, solar hot water systems, investment in solar farms, etc. When Cleans are spent they are converted back to real currencies.
Cleans can be created in different ways but are always backed by real currencies because when a Clean is spent then it reverts to a real currency. One way to create Cleans is to take the money collected by from the sale of Carbon Credits and to convert it into Cleans. Another way is to put a surcharge on any energy that produces Green House Gases and to create some Cleans.
Once Cleans are created then we have to give them to someone. Cleans can be given to people whose lifestyles generate few greenhouse gases or they could be given to anyone whose actions cause their creation. The important thing is to give them to a large number of people so that there will be many buyers in the market place for infrastructure to reduce Green House Gases.