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Newsletter No.3 — 31 August 2021

Global Carbon Reward
Dear Friends,

Much has happened in July and August, with the outbreak of major forest fires, heat waves and flooding in various parts of the world—plus the release of the IPCC's 6th Assessment Report on climate change. If you are not up to date on this report, we have provided a link to a YouTube on the subject. We also mention an explosive message from Prof. James Hansen, climate scientist turned climate activist.

But first, we would like to inform you of an interview with Dr. Delton Chen, the founder of the Global Carbon Reward, and a Wikipedia page that describes the economics of the approach.
Podcast: James McWalter interviews Dr. Delton Chen, the Project Director of the Global Carbon Reward, for 45 minutes. They discuss the background to the GCR Initiative, a proposal to give central banks a major new role for fighting climate change, and the advantages of using a carbon currency to fund climate mitigation on a global scale. 
Delton Chen talks about the carbon currency
Wikipedia:  The new Wikipedia page was launched just in time for the attendees of the next Jackson Hole symposium, held virtually on August 27, 2021 (we hope!). The Wikipedia page provides a description of carbon quantitative easing (CQE), which is different to the regular style of QE by central banks.

Since the start of the covid pandemic, central banks have purchased trillions of dollars of financial assets. CQE is different to QE because it is focused on directly mitigating climate change. CQE is a method of financing the protection of the climate in a way that does not introduce direct costs or new debts for stakeholders.
News:  IPCC 6th Assessment of Climate Change

The IPCC’s 6th Assessment on Climate Change provides an updated review on future climate change based on five socioeconomic scenarios, all of which indicate that the world will likely pass 1.5ºC within two decades. This is bad news, but not at all surprising. With 1.5°C of global warming there will be worsening heat waves, longer warm seasons, and shorter cold seasons. Human activities are responsible for approximately 1.1°C of warming since 1850-1900.

Here is a YouTube explainer:

The IPCC report reminds us of the urgency of taking immediate, rapid, and large-scale action to reduce greenhouse gas emissions. There is a time lag between emissions and global warming, but the reduction of particulate pollution (aerosols) would have an almost immediate effect. More on this below. 

Explosive:  Is James Hansen right about aerosols?

James Hansen explains that human-made aerosols have a cooling effect on the planet by reflecting sunlight to space. He says that because of aerosols, global warming is nearly not as bad as it would have been if there were no human-made aerosols. Hansen says that the climate forcing of aerosols is significant but has not been directly measured. This forcing is linked to the creation of condensation nuclei in the atmosphere and the emergence of bright clouds, but it’s complicated... He suggests that the increased energy imbalance (i.e. heating) since 2015 is largely due to an increase in absorbed solar energy that is caused by reductions in the amount of aerosols in the atmosphere.

The science and methods behind Hansen's analysis are complex, but Hansen infers that the Earth’s energy imbalance has approximately doubled since 1971-2015, to reach about 1 W/m2 currently. He infers that this has accelerated global warming. He thinks that the rate of global warming between 2015-2040 will double from the 0.18°C/decade rate that was observed for 1970-2015—unless action is taken. 
See James Hansen's message about future climate change
Weekly Event:  Do you know how to join Clubhouse? You will need an Apple or Android phone or tablet, and you will need to send your mobile number to a friend who is already a member of Clubhouse. If you email with your mobile number and details, we can invite you into Clubhouse.

You will then need to search for our room, which is called "Carbon Reward and UN SDGs". We meet every Wednesday at 2 pm, Pacific Daylight Time (PDT). The session goes for two hours. It's a great opportunity to ask questions, and the conversation can lead anywhere.
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