Dr Chen’s Global Carbon Reward project was initiated in 2014 to explore the potential of using a “carbon currency” to address the socioeconomic challenges of decarbonizing all sectors of the world economy. It’s an ambitious proposal requiring global governments and central banks to work together to reach Net Zero greenhouse gas emissions without using offsetting.

The current UN COP process is failing because greenhouse gas emissions are intrinsically linked to economic activity. Conventional national currencies depend upon carbon intensive commodity markets, including fossil fuel energy markets.

Kim Stanley Robinson’s novel, ‘The Ministry for the Future,’ has been recommended by Barack Obama and Bill Gates. Set in the near future it is based on the work of Dr Delton Chen and explores the idea of using “carbon currency” to fight climate change.

Central banks are uniquely positioned in the global financial system. They could guarantee “carbon currency” to directly fund the greenhouse emission reductions that are urgently needed to achieve the Paris Agreement climate goals.

Companies that received “carbon currency” would in return agree to invest in renewable energy technologies and leave fossil fuels in the ground. Using “carbon currency” in this way would decouple greenhouse gas emissions from economic activity.

Leading nations, such as the US and China, could work together to develop the Global Carbon Reward. It provides a significant new opportunity for diplomatic cooperation on a specific climate change policy.