Frontiers of Engineering Management >> 2019, Volume 6, Issue 1 doi: 10.1007/s42524-019-0010-y
Geoengineering and the blockchain: Coordinating Carbon Dioxide Removal and Solar Radiation Management to tackle future emissions
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Abstract
Geoengineering is a proposed response to anthropogenic global warming (AGW). Conventionally it consists of two strands: Solar Radiation Management (SRM), which is fast-acting, incomplete but inexpensive, and Carbon Dioxide Removal (CDR), which is slower acting, more expensive, and comprehensive. Pairing SRM and CDR offers a contractually complete solution for future emissions if effectively-scaled and coordinated. SRM offsets warming, while CDR takes effect. We suggest coordination using a blockchain, i.e. smart contracts and a distributed ledger. Specifically, we integrate CDR futures with time and volume-matched SRM orders, to address emissions contractually before release. This provides an economically and environmentally proportionate solution to CO2 emissions at the wellhead, with robust contractual transparency, and minimal overhead cost.