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      A virtual global carbon price enabling engineers to drive essential and rapid decarbonization

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            Abstract

            Climate change is now an infrastructure challenge. Within the next 30 years our energy generation must switch from fossil fuels to renewables (IPCC, 2022). New buildings need to be zero-carbon and existing buildings need to be retrofitted (IPCC, 2022). Our global transportation network will need to be transformed. Delivering the Net Zero world is an engineering challenge (Clarke and Maslin, 2022). But to do this we need a globally agreed virtual carbon price so that every single infrastructure project can be assessed in terms of its impact on carbon emissions and thus planetary health. We propose a loss and damage-based carbon price that is enhanced (or reduced) by variable, national impact factors. Carbon intensity weighting would further increase the price's impact.

            Content

            Author and article information

            Journal
            UCL Open: Environment Preprint
            UCL Press
            31 October 2022
            Affiliations
            [1 ] Ortec Finance, Bridge House, 181 Queen Victoria Street, London EC4V 4EG
            [2 ] Department of Geography, University College London, Gower Street, WC1E 6BT
            Author notes
            Article
            10.14324/111.444/000184.v1
            50ea1c07-ed36-4627-aafa-a1d3a0fa935c

            This is an open access article distributed under the terms of the Creative Commons Attribution License (CC BY) 4.0 https://creativecommons.org/licenses/by/4.0/, which permits unrestricted use, distribution and reproduction in any medium, provided the original author and source are credited.


            All data generated or analysed during this study are included in this published article (and its supplementary information files).
            Earth & Environmental sciences
            carbon,climate change,carbon price,net zero,engineering,loss and damage,The Environment,Climate,Sustainable development,Built environment

            Comments

            Date: 10 November 2022

            Handling Editor: Prof Dan Osborn

            This article is a preprint article and has not been peer-reviewed. It is under consideration following submission to UCL Open: Environment for open peer review.

            2022-11-11 16:08 UTC
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