Carbon Accounting?

Of late, there has been interest in a new topic called "carbon accounting"? I was recently approached by a group of scientists who are currently conducting various researches on environmental-related matters.
I was asked if ARI researchers could participate in their research and compute the costs that have to be incurred in order to clean the environment from unnecessary carbon monoxide emissions. I personally think it is possible. The concept is very similar to computing internal and external failure costs in TQM. Interested members please let me know. This project will involve diversed expertise such as environmental engineering, Chemistry and biology. Any takers?...