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Carbon Coin

by gmoke Fri Aug 20th, 2021 at 04:16:28 AM EST

from Ministry for the Future by Kim Stanley Robinson

Page 294: They [a consortium of all the big central banks, with open access for more central banks to join] would issue together a single new currency, coordinated through the BIS [Bank for International Settlements]: one coin per ton of carbon-dioxide-equivalent sequestered from the atmosphere, either by not burning what would have been burned in the ordinary course of things, or by pulling it back out of the air. They promised to establish a floor in the value of this carbon coin, which exposed them to great danger from speculators trying to scare money out of the plan; and they foretold a rise in the value of the currency over the coming decades. By doing these things they made this investment a sure thing, assuming civilization itself survived.

Page 295: In fact, at the end of the agreement they all lent some fiat money of the ordinary kind, pooled into a fund administered through the BIS, which would be enough to pay for this new bureaucracy of verification that would have to be created to certify that carbon was rally being sequestered. This was a bureaucracy so vast no single bank could afford it, nor of course the ministry, not even close. It was almost a full employment plan all by itself.

Here are some programs that exist now which point in that direction:
Global Carbon Reward (https:/globalcarbonreward.org) is looking for a central bank to trade and manage a "carbon currency," their "Global Carbon Rewards," for a demonstration project.  "The central bank will need permission from their regulators to establish a temporary swap line for buying the carbon currency during the demonstrations..."

Regrow (https:/www.regrow.ag/mrv) does "Measurement, Reporting and Verification (MRV)... to ensure data is transparent and reliable" in terms of carbon sequestration, among other things.

There are other models at other scales and I believe Ralph Borsodi's "Constant," an inflation proof local currency, could be adapted to carbon:
https:
themonetaryfuture.blogspot.com/2009/03/borsodi-constant-inflation-free.html

Many more alternative currencies, even carbon coin possibilities, in Barbara Brandt's Whole Life Economics (1996, New Society Publishers).

The Carbon Coin According to The Ministry for the Future (more quotes):
https:
/hubeventsnotes.blogspot.com/2021/08/the-carbon-coin-according-to-ministry.html

Previously:  How Do You Pay for the Green New Deal:  The Cost of Fuel
http://solarray.blogspot.com/2019/07/how-do-you-pay-for-green-new-deal-cost.html


Poll
More carbon coins?
. yes 100%
. no 0%
. not yes 0%
. not no 0%
. neither yes nor no 0%
. both yes and no 0%
. don't understand the question? 0%
. none of the above 0%

Votes: 1
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An advantage of fossil fuel is that it is cheap, if you ignore the externalities. Coal, oil, gas--they're cheap fuels. Changing to sustainable supplies changes the equation: in some cases they're cheaper and in others they are more expensive.

Based on (a severely simplified version of) that argument, a rallying cry amongst the climate change skeptics is that changing will hurt the poor more than the wealthy.

Therefore, any carbon pricing system must include a clearly visible and apparent-to-everybody system for making it suitable for others than the Tesla car buyers and off-grid mansion owners.

by asdf on Fri Aug 20th, 2021 at 11:47:46 PM EST
These days, in almost all cases, renewables are cheaper than fossil foolishness, even combined cycle natural gas in most regions.  In any case, renewables are the majority of new energy supply being built, quarter after quarter around the world.

And this is with the Commies at the International Monetary Fund estimating that, in USAmerica alone, annual subsidies for fossil fools is about $649 billion.

Yes, justice requires that renewables should be available for more than the wealthy but then there isn't much justice in this world these days.  We'll have to push hard for it.

Solar IS Civil Defense

by gmoke on Sat Aug 21st, 2021 at 07:00:37 PM EST
[ Parent ]
Carbon credit trading is a financial instrument which does nothing to enforce objective, physical GHG emissions volume (p/mil) reduction at point-of-generation EXCEPT create a securities market AND inflate price of externalities, IF booked as S/T financial liability recognized by a reporting "going concern".

Whose idea was that?

by Cat on Sun Aug 22nd, 2021 at 04:41:53 PM EST
[ Parent ]
Economists and environmentalists have been trying to figure out a way to "put a price on carbon" for about three decades now and carbon credit trading is one method they've come up with.  There's also lifecycle cost assessment and full cost accounting but those require more work.

Personally, I don't believe there will be a price on carbon emissions within the less than one decade timeframe Mama Gaia has given our species but then I've been using Heifer International's tree planting program as a carbon offset for my once every five years or so air travel (about the amount one can travel according to a Dutch Greenpeace "just sustainability" study I read about in the 1990s) since the 1980s.

Solar IS Civil Defense

by gmoke on Sun Aug 22nd, 2021 at 07:52:36 PM EST
[ Parent ]
Carbon credit trading at least does expose the cost of externalities. That is somewhat better than the current situation where they are priced at 0.
by asdf on Sun Aug 22nd, 2021 at 08:31:59 PM EST
[ Parent ]


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