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The term that best describes projects aimed at compensating for greenhouse gas emissions is carbon offsets. Carbon offsets are initiatives that allow individuals or organizations to invest in environmental projects around the world in order to balance out their own carbon footprints. These projects can include renewable energy, reforestation, and energy efficiency improvements, effectively removing or preventing the release of greenhouse gases into the atmosphere.

While energy audits, retrofitting buildings, and waste reduction initiatives are all important components of sustainability efforts, they focus more on improving energy efficiency, reducing energy consumption, and minimizing waste rather than directly compensating for emissions. Energy audits assess potential reductions in energy usage, retrofitting involves updating and improving existing buildings to enhance performance, and waste reduction initiatives aim to lower waste output, all of which contribute to a more sustainable environment. However, none of these options specifically address the concept of offsetting carbon emissions in the way that carbon offsets do.