A Carbon Currency Based on Carbon Allowances

Adam Hardy and I are speaking at a London Futurists online seminar this Saturday at 4pm London time on the concept we developed independently--but are now working on together--of a dual currency system to reduce carbon consumption.

The rest of this post reproduces the event description from London Futurists.

Details

The price of energy, the exploding cost of living, and unexpectedly severe climate impacts have people and politicians across the UK and Europe discussing the possibility of energy rationing. Bear in mind the skewed income distribution in the UK: while a Briton with the mean salary could cope with a sixfold increase in energy costs, the median Briton could not. The threat of resulting social breakdown may lead the government to adopt radical measures. What alternatives should be considered?

In this London Futurists webinar, Adam Hardy and Steve Keen will present a proposal for a dual price system where carbon is allocated equally to citizens in a framework that replaces carbon taxes and emissions trading systems. Those that consume more carbon than the average must buy it from those who consume less, using a market mechanism.

This proposal shares the burden of the massive rise in energy costs proportionately compared to income. It puts intense pressure on individuals and corporations to reduce carbon consumption by both changes in behavior and innovation.

Topics likely to arise during the discussion include:

• The difference between carbon currency and carbon tax
• The role of market mechanisms in transforming behavior
• Failures of previous economic models in addressing energy usage
• Implementation possibilities.

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This event will be hosted on Zoom. To register, visit https://us02web.zoom.us/webinar/register/WN_qNgcteLeRqSWto6SvN69Sw

The Zoom registration fee (UKP £2.50) helps cover London Futurists running costs. (The Zoom registration page opens a PayPal interface, but there is NO requirement for attendees to use a PayPal account.)

The webinar can also be viewed, without charge, on the London Futurists YouTube channel, but without the option to participate in the live Q&A.

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Adam Hardy is a climate activist and director at EcoCore. He has degrees in Zoology (UCL) and in Environmental Technology (Imperial College).

Adam has worked in various professions including conservation, software development, financial trading, and now climate change, at organisations varying from WWF to BP.

Professor Steve Keen is the author of a number of groundbreaking books on the subject of economics, including Can We Avoid Another Financial Crisis, Debunking Economics, and The New Economics: A Manifesto.