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Pitch

Permits, reflecting IPCC-calculated global carbon budget, allocated by auction (20%) and distributed free to all global citizens (80%).


Description

Summary

How it will work

  • The United Nations Framework Convention on Climate Change administers the market

  • Yearly carbon budget agreed by the Intergovernmental Panel on Climate Change

  • Say 20 billion tons per annum (The total budget at our disposal is 750bn tons, for a 66% probability of staying below 2degrees). Permits (each representing one tonne of CO2) created and attached to a private blockchain.

  • 10 to 20% of yearly budget auctioned at beginning of the year, or at quarterly auctions. Revenues (estimated at €60-150bn) to be used for administering the market, supporting R&D and catastrophe relief for poorest countries.

  • Remaining 80-90% distributed equally to all adult human beings on Earth, with a minimum age threshold. Everyone is issued a Wallet, and one’s allowance is transferred into it by the UNFCCC.

  • One global market, carbon price traded in bitcoins or in agreed fiat currencies;

  • Carbon emissions from all sources included.

  • Advantages

  • Fair - permits given free not to polluters but equally shared among humanity

  • Universal - Climate change is a global problem, and it requires a solution that goes above national rivalries and interests

  • Neutral - By using blockchain technology, no nation is advantaged

  • Inspirational - All people on earth joined in a market to solve an existential problem for humankind.


Is this proposal for a practice or a project?

Project


What actions do you propose?

  1. Design the Blockchain architecture of Global Market.

Key issues:

Scalability - Which Blockchain technology is best suited to:

  • Create 20billion+ permits

  • Create 5+billion accounts

  • Drop the permits to 5billion+ agents in a yearly time horizon (=9500/minute)

  • Maintain a global market with potential of 2million transaction in a day

 

Identity - Protocols for

  • Reaching people who have limited access to the World Wide Web

  • Preventing fraud

 

Currency - Choice of currency is political but also technical.

  • Crypto (which) or Fiat?

  • If Fiat, single or multiple?

 

Pilot - Can the architecture be tested in a regional market? The most obvious challenge is how to implement a carbon border tax for the selected region.

 


Who will take these actions?

The design of the market architecture is to be carried out by Blockchain technology experts in collaboration with the UNFCCC.

Once the architecture is designed, the UNFCCC needs to sell the concept to the National Governments. In this phase, I see an important role for NGOs and Large Corporations to lobby Governments.


Where will these actions be taken?

Globally


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

No country selected


Country 2

No country selected


Country 3

No country selected


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?


What are other key benefits?


Costs/Challenges


What are the proposal’s projected costs?


Timeline


About the author(s)


Related Proposals


References