Over 65% of the CO2 generated over the last 50 years has been generated by 10% of the world’s population. The creation of CO2 gases in our atmosphere has fueled the industrial revolution for the western world. Now as the rest of the globe looks to catch up the ramifications of duplicating that CO2 footprint to fuel their success would destroy the planet for all of us. The dilemma is how do we deny 90% of the world the same benefit enjoyed by the prosperous 10%.
The problem is exacerbated by geopolitical interests that prevent the common solution to this global problem. Currencies vary widely in their stability, corruption runs rampant in developing countries energy is needed to fuel development. The options for generating power at scale sufficient to fuel economic growth are limited and take a long time to plan and build. Even when the energy generating resources are built the capital to continue to fuel them is difficult for developing countries to keep up with. As technology advances allow for the larger scale deployment of renewable assets with fuel sources that are free such as solar, wind and geothermal, we have the ability to address these issues. The difficulty is that with these renewable assets it is often like paying for your cell phone bill for the next 7 years up front to provide for 20 years of service. If they choose to go with coal or other fossil fuels the governments that provide those fuels get together to help these countries fund those assets as a way to participate in their growth through the long term supply of the fuel needed to run them. There needs to be a way to allow these developing countries to have access to the capital to allow them to make investments in renewable, non-CO2 producing assets.
Investment in renewable assets across borders is difficult. Currency conversion and relative inflation rates make the economic risk for investors unpalatable. By utilizing a more stable uber-currency such as CO2 Bit coin the currency hedge can be self-contained.There is also an issue with sovereign control over currency conversions and monetary policies governing movement of fiat currencies into other more globally accepted currencies such as dollars or euros. This is usually done as means to control inflation and the value of the fiat currency on the world market. National GDP imbalances and other factors all contribute to make it more difficult for developing countries to attract capital investment especially into their domestic infrastructure. However without this investment it is difficult for them to establish a competitive position in the global economy.
If we are to have an impact on carbon levels then we need to be able to track the carbon impact that we have from beginning to end. Past attempts at tracking carbon and creating cap and trade systems has been the abuse that becomes proliferated in the system once large amounts of money become involved. Because of the large impact that carbon has and the amount of money that we spend as a society on energy it is impossible to stop any carbon trading system from becoming a large financial engine. Our ability to create a system of transparency and fairness has been elusive because of many factors including the shear amount of money involved and the geo political overtones present in the carbon discussion.
Today block chain technology brings new hope to solving this problem for us to create a fully transparent and fair carbon trading system. The CO2Bit coin has been created as a significant part of this answer. The CO2Bit coin leverages the public ledger of the blockchain to track all of the information necessary to be able to validate and track a carbon credit.
A carbon credit is commonly defined as 1 Metric Ton of CO2 gas. The objective is for us as a society to have less of these units generated as well as to find ways to have units pulled out of our atmosphere. One path helps us reverse the previous exploits while the other helps us to curtail the continued production going forward. Both have value to us as a global society and therefore need to be incentivized through any carbon incentive based trade system.
Carbon that is pulled out of the air and somehow sequestered is an effective way to eliminate the damage that the CO2 can do to our atmosphere. And in this case the biggest issue is to make certain that the CO2 unit is sequestered in a medium where it can be held and not released back into the atmosphere. So in this case the value is not just for sequestering the carbon but it is also in maintaining the carbon in that holding vessel over time. The longer the time it is held the higher the value it is to us as a society.
In the case of avoided carbon the equation gets a bit more involved. For example how do you measure the CO2 impact of energy generated from sources that do not use carbon as part of the process? If the idea is that you are avoiding the carbon cost that other methods would use to generate the same amount of energy then it would be necessary to understand better what those methods would be. For example a coal powered plant would have a different carbon impact then a natural gas powered plant. So to really understand the carbon impact of a deployed carbon free production technology then you would need to look at what the local method is that would otherwise be used to generate that same energy.
The other issue is that the manufacture of the materials themselves also have a carbon impact. So for example the manufacture of a solar module could through its manufacturing process possible cost as much in carbon creation for its manufacture then it would save in its lifetime of energy production. So even though the solar module’s process of generating electricity is carbon free it might have already created a carbon debt that would need to be satisfied before we can look to its ability to eliminate carbon by generating clean energy.
To accurately gauge the impact of any asset we will need to look at all of these factors and track them against the results so that we can accurately account for the carbon benefits of our choices. Therefore, this task entails tracking the method and location of manufacture, the energy generating method used in the manufacturing process, the energy generation being replaced at the location where the manufactured asset is being deployed. To do this then the block chain needs to be able to track assets from the cradle to the grave.
The CO2Bit Coin blockchain will be that public ledger to track all of the information needed to be able to value the carbon credit units generated by the asset throughout its life time. By also tracking the location of the asset as well as the actual energy produced from the asset during its life time we can make sure that the carbon accounting is done fairly and with the ultimate amount of transparency.
Tracking carbon is not as hard as it sounds, but it is something that requires a good deal of information and a trusted process. The Co3Bit Coin is uniquely situated to be able to track the information necessary to properly value carbon credits.
How the CO2 Bit Coin works
In order to promote the reduction of CO2 in our atmosphere we need to continue to incentivize the appropriate climate behavior in all areas of the world. Every molecule of CO2 that is generated into our atmosphere matters and we need to make sure that we continue to provide the proper incentives to actors around the world. These inducements must be able to rise above local, national and even international politics in order to continue effectiveness. To do this we are looking to leverage the innate abilities and powers contained in block chain technology.
By creating a global currency who’s focus is on the reduction of COS in our atmosphere we will be able to attack the problem on multiple levels and ultimately provide the financial support that we need globally to make a difference.
As a participant in the CO2 Bit currency ecosystem you will be able to help direct the future efforts of the world in fighting the climate change effect of the CO2 levels in our atmosphere. First off just by using the currency as a place to keep your money you will be able to participate in the appreciation of the currency on the world market as we all find ways to reduce our CO2 levels together. Secondly you will be able to park your coins into tokens that will enable investment in various CO2 initiatives. Third the currency itself will be an incentive for people to invest in CO2 reducing assets such as renewable power generation and to promote the forestation of our planet. Together we will be able to place the proper incentives to make our planet a better place for our children.
Any CO2 asset will have the ability to generate CO2 bit coins through the reduction of CO2 emissions as well as assets that will reduce the CO2 already in our atmosphere. These coin generating assets will work by using Internet Of Things (“IOT”) technologies to self-report and generate CO2 bit coins. The system will use blockchain technology as a means to assure accurate reporting. If an asset is found to be intentionally misreporting all of the coins generated by that asset will become void and the asset will no longer be able to mint new coins. The coins generated by the asset will be used to incentivize the investment and help boost the returns on these assets to promote their construction and attract capital.
The CO2 bit coin incentives offered to these assets will be done in a way that drives the collective goal of reducing CO2 emissions in a way that provides appropriate returns to new assets to make them viable and attractive in the markets where it is desired to achieve global CO2 reduction goals. For example where a renewable asset is placed in a location where it is replacing power produced by coal it would have a higher CO2 value then one placed where it would be replacing power produced by natural gas. Likewise an asset that is being placed in service where it is preventing trees from being used as fuel and also replacing kerosene and diesel.
Holders of CO2 Bit Coins will be able to park their coins in tokens which will allow for investment in different sectors. The returns from these investments will be put back into the circulation of the currency and allow for the conversion of the tokens back into coin with an appropriate incentive for allowing the coin to be used in the investment.
The blockchain associated with the CO2 Bit coins and tokens will also track the CO2 benefit that they generate so that the ecosystem can monitor the benefits created by each individual coin in the ecosystem. Coin wallets will allow a holder to see what the coin has been able to do in its circulation.
CO2Bit Tech is an international dispersed group of technologists and philanthropists undertaking the creation and support of CO2Bit coin, a Network Based Digital Asset created as a mechanism to finance and promote the proliferation of sustainable carbon neutral energy generation projects and assets to enable evolving participation in our global economy for all.
Joint Venturescontinue to be formed for the purpose of utilizing CO2Bit coins as part of a finance mechanism within countries for the sole purpose of addressing Climate Change associated with declining CO2 Sequestration through increased implementation of Agricultural Efficiencies, reducing the cutting and clearing of tree stands, Regulations and Economic Incentives for significantly reducing Commercial Deforestation, and increasing implementation of Solar Energy Grids to reduce the use of all CO2 emitting fuels.
The CO2Bit Team and its partners have been able to implement dozens of solar projects, acquired control of hundreds of thousands of hectares of land to mitigate deforestation and continue to pursue carbon credit projects from cook stoves to wind farms from Brazil to Madagascar to rural India. In many of these projects the grouphas endeavored to use CO2Bit to top off the finance stack to allow these projects to progress when they otherwise floundered while awaiting final funding.