The Global Carbon Reward is a system-changing policy for funding climate mitigation together with healthy ecosystems, vibrant communities, and reliable clean energy.


Policy Summary

What is it?

● The Global Carbon Reward (GCR) is a pioneering international climate policy focused on managing human-caused carbon emissions through enhanced economic cooperation.

● The GCR will achieve a safe carbon balance using risk management strategies, and a new theory for pricing carbon with ‘carrots and sticks’.

Key Features

● The GCR will finance strategic carbon emissions reductions, and will fund a safe level of atmospheric carbon removal. The total level of finance to be provided will likely exceed US $4 trillion per year, and will continue to rise as needed.


● Energy companies will be sponsored to swap their fossil fuel assets for renewable energy assets. This will leave fossil fuels in the ground and will accelerate the clean energy transition.

● The GCR goes beyond emissions reductions, aiming to create positive outcomes for communities, ecosystems, and industries.

Why is it a Good Policy?

● The GCR will foster broad stakeholder engagement because it does not impose direct costs on businesses or individuals, and it does not mandate participation (participation will be voluntary).

● The GCR contributes to financial system stability, and helps reduce debt levels particularly in low-income countries.

● The GCR will require low-carbon projects to meet technical standards and achieve science-based targets over the long-term.

What is the Funding Mechanism?

● The GCR will establish a unique mitigate-and-trade system. Unlike cap-and-trade, which trades emissions permits, the GCR will trade the XCC (carbon currency).

● The XCC will be used to finance critical climate mitigation efforts, and will be available for trading and investing.

● The XCC will not be used to offset emissions, and it will help avoid greenwashing.

● The XCC will be an investable financial asset, and it will not be used to make purchases. It will serve as an international store of value.

● Central banks will support a price floor for the XCC, enabling the whole policy and stabilising the value of the XCC. The XCC will be regulated as a commodity and considered a safe investment due to its limited risk.

Updated 28 May 2024

2023 Presentations

EcoCity Summit

Bank of England

Amsterdam Univ



I believe we need a new theory on carbon pricing to resolve the climate crisis.

— Dr. Delton Chen (Founder)

Dirty Growth

The world economy, as it functions today, must grow to remain stable. However, this growth is unsustainable because it is producing excessive greenhouse gas emissions, global heating, and ecosystem breakdown. How can we resolve this conundrum?

Balanced Growth in Carbon

A resolution to the conundrum of dirty economic growth is presented here as the ‘Global Carbon Reward‘. This is a new climate policy that will establish what is called ‘balanced growth in carbon’. Balanced growth in carbon is a new economic development pathway that can safely manage the carbon cycle by unlocking scalable finance for clean energy, carbon removal, and social and ecological regeneration. 

Balanced growth in carbon is a major new development pathway that we believe is superior to other development pathways, such as ‘green growth’ and ‘degrowth’. The new development pathway is based on managing the world economy as if it were comprised of two major sectors: (1) a carbon emitting sector, and (2) a carbon mitigating sector.

The new development pathway will reallocate finite resources between the two sectors for the purpose of achieving a relatively safe carbon balance. This will involve a tradeoff between the following two objectives:

the carbon emitting sector will aim for socially efficient production and consumption, and
the carbon mitigating sector will aim for a safe and regenerative carbon balance.

The above approach is supported by a new market theory, called ‘carrot and stick carbon pricing’, and a moral compass based on ‘preventative insurance’.

Updated 24 May 2024
Note that ‘optimal growth’ has been replaced with ‘balanced growth in carbon’ for reasons of clarity.

‘Carrot and Stick’ Carbon Pricing

We make the claim that balanced growth in carbon can be achieved by combining ‘carrot and stick’ carbon pricing. Most people are familiar with sticks. These include carbon taxes and cap-and-trade.

The main focus of this website is a new type of monetary finance, called a ‘Global Carbon Reward’. The carbon reward will be a global ‘carrot’ for incentivising and funding climate mitigation and co-benefits.

The purpose of the carbon reward is to improve carbon safety using three key strategies:

funding sufficient greenhouse gas removal, and on a global scale

financing sufficient conventional climate mitigation, including new clean energy infrastructure

incentivising the regeneration of natural, social and built capital.

The economic policy for the carbon reward has four key features:

a global price for mitigated carbon

no direct costs

no carbon offsetting and no carbon trading in the policy

stakeholder representation.

This website introduces the Global Carbon Reward project, including the policy and new theory on carbon pricing.

Updated 30 May 2024


WSJ: Could a Carbon Coin Save the Planet?

Could a ‘Carbon Coin’ Save the Planet?

Scott Patterson at the WSJ takes a look at why a carbon currency (aka “carbon coin”) could transform the economy. He talks with Australian civil engineer Delton Chen, to review the carbon currency that is portrayed in Kim Stanley Robinson’s climate-catastrophe novel.


Feature Presentation


Why “Carbon Rewards” Should be Adopted to Resolve the Climate Crisis

Feature Podcast

Will fighting climate change require restructuring the global economy? Is a “carbon currency” the most intuitive or efficient solution to the climate crisis? Casey Pickett chats with Kim Stanley Robinson, Kate Raworth (Doughnut Economics), and Delton Chen.
Science fiction writer Kim Stanley Robinson writes about “the Chen paper” in his latest novel: The Ministry for the Future.
The Ministry for the Future By Kim Stanley Robinson Cover Book

Getting Started

Assessment & Demonstration

The Global Carbon Reward policy is designed to incentivize a broad range of climate solutions and deliver multiple benefits. To evaluate its effectiveness and adaptability, our plan is to undertake a policy assessment and demonstration.

This will involve:

Policy Assessment: We’ll evaluate the policy’s economic impact using advanced analytics and computer models, considering both monetary and physical constraints. Subject matter experts will provide feasibility assessments, and stakeholder surveys will gauge the policy’s ethical and moral implications.

Policy Demonstration: We’ll engage industry leaders through interviews and role-playing exercises using a “policy playbook” and “simulated agreements” to explore public-private partnerships. Additionally, we’ll examine how the policy influences investment decisions. The culmination of this phase will be a video compilation of stakeholder interviews, offering diverse perspectives on the policy.

This groundwork will be followed by an invitation to countries to establish a policy pilot using a digital carbon currency. This pilot will focus on the early retirement of an oil, gas, or coal lease using a limited amount of carbon currency. The learnings from this pilot will provide valuable insights for the general public and the parties to the Paris Agreement.

Footnote: the trading of the carbon currency will not involve any carbon offsetting and this is because the carbon currency does not convey the ownership of mitigated carbon. The carbon currency only acts as a store of value. Information on the pricing theory and the system of governance can be found via the links in the main menu.

Updated 3 June 2024

Carbon Rewards

Each low-carbon project in the live demonstration will be issued rewards according to the mass of carbon dioxide equivalent (CO2e) that they mitigate over time (see Introduction & Carbon Rewards). This will involve the application of reward rules that address each mitigation type and technology. Three types of climate action will be eligible to earn the reward payments (see links below).

A reward for reducing the carbon intensity of energy supplies.

Webinar #2

A reward for reducing the carbon intensity of business cashflow.

A reward for removing carbon from the ambient atmosphere.

Reward Weightings

Reward weightings will be used to adjust the rewards higher/lower based on the good/bad impacts on energy reliability, community wellbeing, and ecosystem health (see Reward Weightings). This will involve establishing a statistical consensus based on stakeholder surveys. The three kinds of reward weightings will be assessed for the benefit of people and planet (see links below).

A reward weighting for more reliable energy supplies.

A reward weighting for better community outcomes.

A reward weighting for protecting and restoring ecosystems.


We welcome enquiries and proposals to partner and collaborate on the topics of climate policy, digital technologies, and demonstration projects.


We appreciate your financial support. Please contact us if you need help with providing a gift.

XR Interview

March 7th, 2024


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