offset
verb [ T ]
uk/ˌɒfˈset/ usoffsetting | offset | offsetto balance one effect against an opposing effect, so that there is no great difference as a result:
The price of petrol products was offset by a decline in motor vehicle prices.
offset sth against sth Offset any losses against your overall income.
ENVIRONMENT, SOCIAL RESPONSIBILITY
to pay an amount of money when you do something, for example travelling by air, that produces a lot of harmful waste products. The money is used to do something that protects against climate change, such as planting trees:
When we are forced to travel by air, we always check the box to choose to offset our flights.
offset
noun
uk/ˈɒfset/ us [ U ] LAW, FINANCE
the right to pay a person or organization less money than you owe them because they also owe you money:
What is the position regarding the offset of one debt against the other?
[ C ] ACCOUNTING
a payment that is used to reduce the effect of another payment:
The Australian government has announced changes to its tax offset rules for overseas production.
[ C or U ] ENVIRONMENT, SOCIAL RESPONSIBILITY
a payment that is made or an action that is done in order to pay for or reduce the harmful effect that something has on the environment:
carbon offset
You have the opportunity to purchase an offset when you book your flights.