All policy prescriptions, public debates, climate discussions, and political jockeying have been ignoring the huge potential of individual contributions to carbon reduction initiatives. The broad assumption behind all such debates is based on the notion that individuals are the final consumers and thereby should bear ultimately responsibility for all carbon emissions. And any carbon reduction initiative has to transfer the burden to them whether directly (reducing consumption and lifestyle) or indirectly (via increased cost or taxation). While this is a fact there is no recognition of individual’s effort to rein in carbon consumption without dislocating everyday life or commerce too much.
Maybe it is too difficult. For how do you account for the fact that some one has started carpooling or driving less or rides a train or bikes to work a few days in a month, or has switched over to energy efficient appliances or switches off electrical devices when not in use or curbs consumption to reduce waste? There is no system at present that computes and track the day to day carbon savings by each one of us that can be accrued, or carbon savings that can be collected over the entire economy.
Now imagine a bank where a person opens a carbon account. Every time this account holder engages in any activity that saves on carbon, the amount of savings (however fractional) gets credited to this account. The bank then accumulates the carbon savings into tradable Carbon Units and starts participating in Carbon markets. The proceeds from sale of these units go back into individual accounts…and
voila! the individual starts getting direct benefit (in the form of cash) from her daily carbon saving initiatives.
This would bypass
the trickle down effect of the benefit from carbon saving businesses to individual (too remote and indirect).
Cannot be done? Too difficult? Think again!
Implications? Many...and far reaching...but that is a topic for another day!
