Global Immission and Wealth Redistribution System

Inspiration

I'm an academic with a long-standing interest in climate change and preservation. I am currently editing a book on natural resources in management and one of the authors is developing a chapter on what a feasible global emission trading system would look like. After reading that I immediately noticed there were 100s of issues with his idea, especially when it comes to enforceability, reaching the unbanked, and incentives, but I figured block chain could provide a solution

What it is meant to do

Emission trading systems (as they have been set up in Europe) are fundamentally flawed and have not reached their objectives. Emissions have not really come down because of a lack of global agreement and because measuring emissions remains somewhat subjective. While the science is pretty solid there are always measurement problems and disagreements about measuring scope 1, 2, or 3 emissions. A simpler alternative is to only measure inputs, regardless of how much is actually emitted. Of course that is less precise but it could go some way to solve some practical problems. Thus, I'm imagining a system that forces those selling fossil fuels to sell there with a _ green coin _ attached to them. The price has to be set initially (multiple ways to do this, I prefer an annual auction of extraction and selling rights) and the quantity of how much fossil fuels can be sold globally will diminish each year in accordance with a realistic plan to a 80% reduction of CO2 by 2050. In case specific technologies emerge that drastically reduce the carbon emission associated with a particular technology, the immission quantity (i.e. the carbon quantity assumed to be emitted when buying a specific fossil fuel) can be changed as well (e.g. CCS on coal plants).

A blockchain solution could in theory serve this goal. It could associate a specific number of _ green coins _ with a specific quantity of oil, gas, coal ... based on their assumed carbon emissions (i.e. immissions). Its public nature could make sure that companies using fossil fuels are transparent about how much they are using and have bought for in official markets (those with green coins) and NGOs could police this relatively easily.

The coin value (basically a global emission right) could either be directly distributed into every global citizen's _ green wallet _ or could be diverted to the most promising technologies. I prefer a direct distribution of the money to people because they will for sure pay higher prices for some fossil fuel dependent products. The system treats every human as equal and is associated with a massive wealth transfer from rich to poor nations as our fuel gobbling cars would become more expensive to run, and the money we pay extra (basically a charge for ruining the planetary ecosystems) gets redistributed globally.

How I built it

I haven't built it, I want to find out if it would be feasible to build it and then see if it is worth doing

Challenges

1) Technology development 2) Convincing the UN or World Bank 3) Convincing the rest of the global governments 4) Solving the incentive problem. Taxing immissions will take away incentives for investing in end-of-pipe solutions that do not reduce fossil fuel consumption but only their externalities 5) Solving the extraction freeriding problem: Fossil fuels that are used directly and hence escape market trading cannot be 6) ... ... 13776) Monetize