The social cost of carbon (SCC) represents the cost of damages caused by emitting one extra ton of carbon dioxide into the atmosphere. SCC is one of the most important metrics driving policies and initiatives that mitigate the harmful effects of climate change. However, integrated assessment models (IAMs) for calculating SCC based on human health and productivity, agricultural output, damage from rising sea levels, etc. can vary widely.
Open Earth Foundation is a not-for-profit using blockchain, IoT, and artificial intelligence technologies to create open-source digital systems that combat the negative effects of climate change. Today, the blockchain industry’s leading oracle network, Chainlink, announced Open Earth Foundation received a Chainlink Community Grant to develop an oracle node that delivers open-access IAMs for carbon pricing on-chain.
As part of this grant initiative, Open Earth Foundation will research and identify optimal IAMs for SCC calculations, develop APIs for a cloud-based IAM web application, and prototype a voluntary carbon taxation pilot program using smart contracts and an SCC oracle.
Open Earth Foundation collaborates with organizations such as the UN Environment Programme and UNFCCC, and was previously awarded a Chainlink social impact grant to create a Chainlink oracle node that delivers atmospheric CO2 concentration data to leading blockchains.
Following the successful completion of its CO2 Chainlink node, Open Earth Foundation’s on-chain IAMs for carbon pricing data will allow developers to build smart contract applications supporting planetary resilience initiatives such as carbon-backed assets, climate accounting protocols, and corporate compliance systems.
Said the founder and executive director of Open Earth Foundation, Dr. Martin Wainstein, “Through this Chainlink grant, we can enable smart contract developers to build innovative new applications around carbon markets and help establish a global climate voluntary taxation system that corporations can easily access and adopt across different jurisdictions.”