This is the emissions token network from the Operating System for Climate Action.
You can try it yourself at http://emissionstokens-goerli.opentaps.org/. You will need to a Goerli testnet wallet and some test eth (which you can get here.) Then please email Climate SIG mailing list with your Goerli account address to be added to it.
The emissions tokens network uses tokens to represent the emissions of an entity, which could be an organization, a building, or even a person. It is the sum of all the emissions from different channels such as the utility emissions channel, plus offsetting Renewable Energy Certificates and carbon offsets. Each token represents either an emissions debt, which you incur through activities that emit greenhouse gases, or an emissions credit, which offset the debt by removing emissions from the atmosphere.
The carbon emissions token is a fungible token, whereas data on the utility emissions channel are just immutable data (not tokens), as they represent the emissions from a particular meter tied to a particular utility during a particular period of time. Following examples from capital markets, we can link this kind of data to the fungible tokens by:
We propose to implement a carbon emissions token based on the eThaler project from the Capital Markets SIG. eThaler is a Central Bank Digital Currency (CBDC) implemented on a private Ethereum network running Hyperledger Besu. It supports a central bank which creates and mints tokens and transfers them to member banks, who would then distribute them to retail customers of the banks.
In the case of carbon emissions, the eThaler smart contracts could support the following participants on a tokens network:
All 3 types of tokens are fungible. The audited emissions tokens are "retired" (see below) as soon as they're issued from an auditor to a company or consumer. The offsets and REC's could be traded but are eventually retired when used to count as emissions offsets.
The Carbon Emissions token taxonomy developed by the Interwork Alliance is similar to eThaler's token taxonomy. The differences are:
The emissions tokens would have the following fields:
Examples of these tokens/assets include:
With these tokens, we can calculate the net emissions by first subtracting the effect of Renewable Energy Certificates (REC's.) REC's offset the energy produced by non-renewable sources, so we'll need to get the non-renewable vs renewable energy mix in the original emissions tokens/assets from utility emissions data channel. Then we subtract the offsets to get the net emissions.
This network would be connected with Fabric channels such as the utility emissions channel through the auditors. The utility emissions channel is operated by an auditor on behalf of its customers. The auditor would also be on this network and would issue audited emissions tokens to its customers' wallets. The customers would then transact in emissions and offsets on this network using their wallets.
Cap and Trade:
Network Operator Model:
Transfer of emissions down the supply chain and avoiding double counting are major issues to be addressed in the future. The problem is that emissions are counted in multiple ledgers, for example this document from Gold Standard describes how they could be counted in both offsets and national registries. See also the Gold Standard double counting guidelines document.
1) Start by subscribing to the Climate SIG mailing list for updates and meeting notifications.
2) Join our bi-monthly Peer Programming Zoom call for developers on Mondays at 9 AM US Pacific time (UTC-07:00 America/Los Angeles.) Please check the calendar for the next call.
3) Check out the good first issues from our blockchain-carbon-accounting in Hyperledger-labs and feel free to contribute a fix for one that looks interesting to you.
4) See our How to Contribute page for other ways how you could get involved.