Global Carbon Reward: Possible Planet aims to prove up incentives for remineralization
Global 4C’s vision, as presented by Delton Chen in this video.
Possible Planet wants to partner with Stone House Farm to demonstrate how a unique carbon mitigation incentive might support regenerative agriculture and promote remineralization with rock dust.
“The overall project goal is to bring the policy to the attention of policymakers, national governments and political groups, with the aim of giving it fair consideration as a new and relevant climate mitigation policy,” Jonathan Cloud, executive director, said in a letter of intent to farm manager Benjamin Banks-Dobson regarding the collaboration.
“Our view is that a scientific approach to policy development will likely yield the best results in terms of policy advocacy, because a supporting argument for a Global Carbon Reward will require substantive technical evidence.”
According to Possible Planet’s pre-proposal, objectives for the project include case studies for both regenerative agriculture and rock dust applications for carbon sequestration, and may also include tasks relating to policy analysis, development and advocacy.“There are many possible co-benefits of regenerative agriculture, including soil regeneration, job creation, water conservation, food security, biodiversity protection, recycling nutrients, financial security for farmers, improved health, et cetera,” Cloud stated in his letter. “The case studies should prioritize feasibility and clarity for policy presentations, and this is because technical perfection is not required for policy advocacy.”
Possible Planet’s Delton Chen, an expert in geo-hydrological analysis, numerical reservoir modelling and impact assessment, would lead the proposed project from a technical perspective, while Stone House Farm and associates provide good governance, especially regarding financial management.
Cloud added: “There also exist regional and international standards for assessing carbon offset credits, and these standards should be reviewed to avoid duplication of existing standards.”
What is a Global Carbon Reward?
The Global Carbon Reward is a new international climate policy that offers a debt-free incentive for voluntary carbon mitigation in all geographic locations. Unlike a subsidy, the reward is only paid for successful and verifiable carbon mitigation actions, and it is paid with a ‘digitally-created stateless parallel currency.’
Called ‘Complementary Currencies for Climate Change’ (4C), this parallel currency does not require ‘legal tender’ status as it is not used to trade goods and services. When anyone receives newly-issued 4C, its supply increases in proportion to the mass of carbon mitigated, and the carbon is recorded in a global carbon stock-take. One unit of 4C is issued for 100 kilograms of carbon dioxide equivalent mitigated.
Once rewarded with 4C, carbon is immediately ‘retired’ and unavailable to trade as offsets. A peak authority representing the world’s central banks, the Carbon Exchange Standard, will own and control the carbon stock-take. These measures prevent carbon from being traded even though 4C is traded as a financial asset.By offering 4C rewards, it reduces schemes that sell carbon mitigation services for carbon-offset credits, minimizing carbon-offsets and thus driving up carbon prices in other markets. The Global Carbon Reward is not a subsidy, it is issued by expanding the supply of a debt-free parallel currency and by managing the exchange rate of 4C with currencies issued by central banks.
Financed with official monetary policy and currency trading, 4C does not require government funding through taxation or debt creation — a major advantage to the parallel currency. The funding model may circumvent political cost-sharing disagreements.
Market actors can earn rewards as a source of foreign income by mitigating carbon emissions. Economically, the policy places carbon mitigation industries on a par with export industries, such as international tourism. The reward injects new liquidity into the low-carbon sectors, thus attracting private investment and creating jobs.
Details of the project
Possible Planet is inviting Stone House Farm and its associates, which includes Rock Dust Local’s Tom Vanacore and Remineralize the Earth, to help develop the case study for offering rewards for carbon sequestration, focusing on identifying relevant social and ecological co-benefits, and developing suitable financial weightings, rules and metrics.
The main objective of the regenerative agriculture study is to demonstrate how and why the policy for a Global Carbon Reward can finance regenerative carbon farming, tailoring the message for stakeholders, including politicians, financial regulators, policymakers, farmers, business associations and scientists, as well as the general public.
As for the rock dust study, its main objective is to demonstrate how and why a Global Carbon Award can finance remineralization. This involves rules determining the mass of carbon to be rewarded and how rewards should be weighted in terms of social and ecological co-benefits. The goal is to demonstrate how this policy can incentivize carbon sequestration, as well as provide significant social and ecological co-benefits.
Both regenerative agriculture and remineralization tasks should include a feasibility review of the measurement, reporting and verification of carbon mitigation and co-benefits, and a review of the rules and service contracts. The project should also produce a presentation and documentation for advocating a Global Carbon Reward.
Cloud said: “If the policy is actually implemented, then major new public-private partnerships will be tasked with developing a global administrative system for the carbon reward — and so the case studies are not the final product, and they may be viewed as ‘stepping stones’ to policy implementation.”
Carter Haydu is a writer, reporter, and journalist based in Alberta and Saskatchewan. He works for JuneWarren-Nickle’s Energy Group, with regular articles appearing in the Daily Oil Bulletin. He is a freelance columnist with the award-winning Quad Town Forum weekly newspaper, based in Vibank, Saskatchewan. He also contributes content for a series of magazines in and around Regina and Saskatoon. He received a BA in Political Science and Philosophy from Augustana University College in 2001 and a diploma in journalism from Grant Macewan College in 2005.
- Article at Possible Planet: Global 4C: A Monetary Policy Response to the Risks of Catastrophic Climate Change
- Website of Global 4C: http://www.global4c.org/