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Pitch

The use of internet of things & blockchain technologies can accurately & reliably measure emissions of top emitters for efficient pricing.


Description

Summary

One challenge with efficient carbon pricing is the lack of accurate and reliable emission data and the unwillingness of companies to share their data.

This proposal strives to overcome this challenge by encouraging countries that are signatory to the Paris Accord to establish a best practice for large emitters under their jurisdiction. 

Internet of Things (IOT) sensors can be equipped with transmitting capabilities and installed in large emitters to send data to a country-managed central repository. The repository can use blockchain technology to record the data so that they are irrefutable.


Is this proposal for a practice or a project?

Practice


What actions do you propose?

This proposal strives to overcome this challenge by encouraging countries that are signatory to the Paris Accord to establish a best practice for large emitters under their jurisdictions.

Internet of Things (IOT) sensors can be equipped with transmitting capabilities and installed in large emitters to send data to a country-managed central repository. The repository can use blockchain technology to record the data so that they are irrefutable.


Who will take these actions?

Actions should be taken by:

1) Countries

- to introduce the best practice or formal regulations to induce large emitters to adopt the IOT sensor technology

- to develop a data repository using blockchain technology

2) Companies

- to install IOT sensor technology and transmit data to the government's data repository


Where will these actions be taken?

These actions will be taken by countries who are signatory to the Paris Accord and by large emitters in these countries.


In addition, specify the country or countries where these actions will be taken.

United States


Country 2

China


Country 3

India


Country 4

No country selected


Country 5

No country selected


Impact/Benefits


What impact will these actions have on greenhouse gas emissions and/or adapting to climate change?

There will be 2 impact to emissions:

1) with more accurate and reliable data, carbon can be priced more effective. this should reduce the level of carbon emissions.

2) more importantly, when large emitters are pressured to share real-time data about their carbon emission, it could create ground-up grassroots pressure for them to reduce their emission.

 

 


What are other key benefits?

With real-time and more easily accessible data, this enables grassroots to become more engaged in climate change and more active in monitoring emissions from large emitters.


Costs/Challenges


What are the proposal’s projected costs?

The economic costs are projected to be low as sensors and data transmission costs are low in countries with major emitters, ie US, China, India.

The cost of establishing a repository based on blockchain should also be low.


Timeline

The proposal will start having an impact immediately once the emission data is publicly available.

 


About the author(s)

Weixiang (Wei) Wang is a Sloan Fellow in MIT Sloan School of Management. He is from Singapore and has previously worked on renewable energy policies in Singapore.


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References