The Open Earth Foundation – a California-based nonprofit creating and deploying open-source digital systems and solutions for the planet, has released the first version of its digital Carbon Pricing tool that includes the social cost of carbon, a carbon pricing calculator and educational resources.
The tool has been developed in collaboration with UC Berkeley and Chainlink Labs. The Carbon Pricing tool contains critical information that can help companies determine their internal carbon price.
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It provides the suggested carbon price calculated based on the GIVE model, benchmarks for carbon prices from leading companies, taxes and recommended carbon prices. It also provides an open API and Chainlink node to use carbon prices in other solutions and smart contracts.
The carbon price calculator gives users the opportunity to become aware of their social cost of carbon or the price of the implications from releasing carbon emissions into the atmosphere. It is based on the RFF-Berkeley Greenhouse Gas Impact Value Estimator (GIVE model) – an integrated assessment model (IAM) of climate change.
The social cost of carbon represents the economic damage caused by releasing an additional ton of carbon dioxide into the atmosphere. The tool also provides the option to calculate the discount rate which is the reduced cost of damage, used to calculate the carbon price.
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The suggested current carbon price estimated with the GIVE model with a 2% discount rate, provided by the tool, is $166.86.
As this is the first version of the Carbon Pricing tool, the Open Earth Foundation is looking for people to test out the platform, give feedback on potential improvements, and build tools using the API and oracle. People willing to take part in a testing session can contact ux@openearth.org.
