Not really.
Those terms always relate to a specific activity. What something else does, somewhere else, doesn't make what you or I do any better or worse. If that were the case, every corp would claim some natural process as a cancelling justification for their action. The only way that works is if a corp pays to facilitate an action which is the premise behind carbon offsets.
It's not that hard to understand. If your process releases CO2 gas it creates a footprint. If you run a cleaner process you reduce that footprint. If you cause CO2 gas to be resequestered you offset that footprint. Sequester enough CO2 equal to that which you produce and you are CO2 neutral and, if you use a process that does not emit CO2 you are also carbon neutral. Fit any fuel into that concept and it's the same.