How the Use of “Technology” + “Finance” can Save our Planet
By Gagan Sachdeva on ALTCOIN MAGAZINE
The recently released United Nations Intergovernmental Panel for Climate Change report presents the harsh reality that today when the average warming is 1°C, the world is already experiencing adverse climate impacts. It also, however, clearly states that limiting global warming to 1.5°C is not impossible, but requires unprecedented transitions in behavior, investments, political will, policy directions, innovation, and international collaboration.
So clearly, the nations have failed to control, and now we need radical measures before the situation goes out of control. The policies like carbon credit to an organization haven’t been much of impact, so situation indicates to implementation of more inclusive zeitgeist based approach (thanks of Greta Thunberg and hyperactive media for making individual people realize that their actions could also make an impact)
First the basics: A carbon footprint is a measure of carbon dioxide emissions associated with an entity’s activities. According to Encyclopedia Britannica, a carbon footprint includes direct emissions, such as from driving a car, as well as whatever emissions are required to consume any goods and services. Often, a carbon footprint includes the measure of other greenhouse gas emissions as well
Solution:
The only sustainable way to bring climate change under control is to make it measurable on an individual level and then link with our financial ecosystem to make an effective impact. Imagine a world where your credit score also includes your carbon footprint score. Think of it as a reward system which you can use to reduce your interest rate on home loans (if positive), preferential lines in public school admissions, extra healthcare benefits, spending your time towards
Let me explain how:
This would need the involvement of four different parties.
1) Government-For policy framework and implementation
2) Blockchain-based Carbon Footprint scoring org. (this in structure would be very similar to existing credit scoring bureaus: Experian, TransUnion, and Equifax)
3) Startups-Building a layer of UX
4) Citizens-End-users
Governments: Two Broad things 1) Pass the ownership to each state (example In China, states are judged on investments in AI in their respective states)to implement and track policy changes. The states should earn carbon points via implementing the changes in accord with the nation’s commitment to Paris accord. Then with the help of technologies like Blockchain (more details below), we can tokenize state-linked carbon credits (technical details in the link) and distributes them to individuals.
This will create health competitive competition in states, and individuals will force their respective governments to act fast and fairly. 2) Policy mandate to link carbon credits to a centralized id (e.g. ADHAAR in India, Social security number in U.S., Emirates ID in Emirates nation). The government and businesses need to create infrastructures and policy frameworks that put everyone in the same boat when it comes to reducing their carbon footprints.
Scoring Organizations: Today technologies like Blockchain which are immutable, decentralized and scalable can be used to track individual footprint. These decentralized organizations should leverage technology to gather and link all carbon-related information into a data platform that can be linked with existing credit scoring platforms.
The calculation of carbon footprint includes
1) Household carbon footprint calculator (things like electricity consumed — This can be easily linked with state governments resources as most electricity bills are sent online
2) Flight carbon footprint calculator (all the travel ask can be linked to centralized ids like passport or nation id)
3) Car / Motorbike carbon footprint calculator (# of household cars, mileage, year, etc. These things are can be centralized via car distribution channel to send and upload the data)
4) Public Transport carbon footprint calculator (use of public transport — Linked via your central ID)
5) Secondary carbon footprint calculator (this is what includes the amount of spend on electronics, Food & Drinks, Furniture, Hotels, etc. Banks can easily provide this information to credit scoring org)
Calculate YOUR footprint here!
Startups: In the age of Uber, Airbnb, & Facebook, the consumer needs information that is personalized, clean and app-based. Startups can build these agile ecosystems which can help track the information on many granular levels. They can guide them in understanding how each parameter impacts and how to make sure they control it.
Citizens: We have debated/liked/commented enough on Twitter, Facebook, and Instagram, but now the real action is in embracing that change is only possible when we do our bit. We should understand that the future of our generation depends on our timely action and commitment.
I do understand that lowering individual carbon footprints from 16 tons to 2 tons doesn’t happen overnight! By making small changes to our actions, like understanding how each action contributes towards a carbon footprint, we can start making a big difference.
Is anyone ready to build these startups? Happy to hear your thought…
Calculate YOUR footprint here! Do your part to save our earth.
