Please find below the judging results for your proposal.

Finalist Evaluation

Judges' ratings


Novelty:
Feasibility:
Impact:
Presentation:

Judges' comments


Congratulations! Your proposal has been selected to advance to the Finalists round.

As a Finalist, your proposal is eligible for the contest’s Judges’ Choice award, as well as the Popular Choice award, which is determined by public voting. All Winners will be recognized and widely publicized by the Climate CoLab, and the Judges’ Choice winner -- as well as those who contributed to the plan’s sub-proposals -- will receive CoLab Points. The top point-getters will receive shares of a $10,000 cash prize! For more details on CoLab Points, please visit: http://climatecolab.org/resources/-/wiki/Main/Climate+CoLab+Points

All winners will be announced the week after the voting period ends.

You will soon receive an email from the Climate CoLab staff with details about the voting period. If you don’t receive that email within the next day, or have other questions, please contact the Climate CoLab staff at admin@climatecolab.org

Thank you for your work on this very important issue. We’re proud of your proposal, and we hope that you are too. Again, congratulations!

All the best,
2015 Climate CoLab Judges

Additional comments from the Judges:

We found this to be a very innovative and creative idea, the feasibility of which will be premised on (1) who would issue such currency, (2) who will be the regulator, and (3) how will institutions such as the International Monetary Fund and Central Banks get involved in it. It is well thought through, and two additional minor points that need further elaboration are:
- how to finance the auditors,
- how to ensure that the CO2 basis for the SOL is not sold again on the market.

Semi-Finalist Evaluation

Judges' ratings


Novelty:
Feasibility:
Impact:
Presentation:

Judges' comments


Congratulations! Your proposal, Solar Dollars: The World Currency to Price and Finance Carbon Mitigation, in the Global Climate Action Plan contest, has been selected to advance to the Semi-Finalists round.

You will be able to revise your proposal and add new collaborators if you wish, from now until November 4, 2015, at 11:59pm midnight Eastern Time. We’ve also included feedback that will be posted under the Evaluation tab of your proposal. Please incorporate this feedback in your revisions. As you make revisions, we recommend you save an offline copy as a backup.

At the revision deadline mentioned above, your proposal will be locked and considered in final form. The Judges will undergo another round of evaluation to ensure that Semi-Finalist proposals have addressed the feedback given, and select which proposals will continue to the Finalists round.

Finalists will be eligible for the contest’s Judges Choice award, as well as for public voting to select the contest’s Popular Choice award. The Winners will be recognized and widely publicized by the Climate CoLab. Global climate action plans include ideas from all the people who contributed to the sub-proposals, not just those who created the integrated proposal itself. To recognize all these contributions, a winning integrated proposal receives CoLab Points that are distributed among all these people. The top point-getters will receive shares of a cash prize of $10,000. For more details on CoLab Points, please visit: http://climatecolab.org/resources/-/wiki/Main/Climate+CoLab+Points

Thank you for your great work and good luck!

All the best,
2015 Climate CoLab Judges

Additional comments from the Judges:
- Would be good to also touch on how this will counteract the perverse subsidies (paid by other currencies) to fossil fuel intensive behavior.

Additional comments from the Fellows:

- The main proposal presents a detailed concept of the Solar dollar global currency for carbon pricing. It is well-developed and detailed, and contains concrete and actionable steps toward implementation. The main proposal selected a set of sub-proposals, which mostly are relatively irrelevant. The author will have to consider the selected sub-proposals, with a possibility to change/add them with the more relevant ones.

2  comments


Delton Chen

Nov 2, 2015
11:02

Member


1 |
Proposal
creator

SUMMARY OF CHANGES

Judges -

we mentioned in the section on proposal's benefits that Solar Dollars would help counter-balance the existing direct subsidies for fossil energy. This policy is not directly related to existing fossil subsidies.

Fellows -  

we have reviewed the sub-proposals, and finding the most suitable is not an easy task.
For China we selected the seed proposal for Deep Decarbonization Pathways Project in China; and mentioned China's recent new policy for eco-civilization.
For USA we adopted the 2020 Cities By 2020: America's Mayors Taking Charge On Climate Change

Other Improvements -

Edited "proxy voting" to "petitioning".

Edited the section on the plan's costs, to give approximate estimates of the full costs of policy implementation.

Edited the timeline (fixed error).

Edited the references to include major project references and conference papers.


 


Delton Chen

Nov 16, 2015
04:02

Member


2 |
Proposal
creator

RESPONSE TO JUDGES COMMENTS

On behalf of authors and supporters, thank you for your feedback and questions.
I have provided our ideas to address the judges additional comments:

Judges Comments-

"We found this to be a very innovative and creative idea, the feasibility of which will be premised on (1) who would issue such currency, (2) who will be the regulator, and (3) how will institutions such as the International Monetary Fund and Central Banks get involved in it. It is well thought through, and two additional minor points that need further elaboration are: 
- how to finance the auditors, 
- how to ensure that the CO2 basis for the SOL is not sold again on the market."


Proposal Response -

Answering the first question involves a business model and contracts that micro-manage the partnerships and prevent free-riding and corruption. The approach involves specific steps, and so there was not space to explain this on the website.

Answer 1 - How to finance the auditors and control the currency supply?

1) Enterprises that abate or sequester GHG emissions can voluntarily join the global reward scheme to earn Solar Dollars (SOL) as proportional rewards for the mass of CO2-e verifiably mitigated. They agree to provide their data to a public domain database (for instantaneous market knowledge). They are bound by digital contracts, most of which are actually imbedded in the SOL digital currency.
These digital contracts enforce the conditions and assessment rules, including things like duration of safe storage (i.e. for sequestration).

2) Auditors' commissions will be a fixed percentage of the Solar Dollar (SOL) rewards given to enterprises that mitigate. For example, auditor commission may be 4% of all SOL that they award to enterprises. 

3) A percentage, say 0.5%, of all SOL rewards will be given to the administrators (shareholders) who own and operate the digital administrative system. 

4) The enterprise that undertakes mitigation will first do a self-assessment, and this will be used to define the fixed commission for the auditor. They may be inclined to assess kg CO2-e slightly on the low side, because this will reduce their administration costs.

5) The enterprise has a contractual obligation to do their self-assessment within, say +/-20% accuracy, otherwise they will be penalized an administrative fee (a deposit).

6) The administrative system will chose the auditor for the assessment work, based on skills and capacity, and to reduce the likelihood of collusion and free-riding.

7) The auditor's commission is already fixed before starting the assessment, so the auditor has no incentive to bias their estimates high or low - they are paid a set commission.

8) The administrative system will do automated and random checks on the assessment to seek out errors or free riding (much like the tax department will do automated checks). With an advanced system, the data can be cross checked with other databases. Also, electronic field monitoring equipment can transfer data directly into the assessment process.

9) The public has access to the mitigation database for oversight and checking. Private whistle blower forms will be available for reporting corruption.

10) Everybody working in the system (people who trade with SOL) can vote on enterprises and auditors with 'trust' and 'quality of work' metrics. Much like people vote on each other in Ebay and Airbnb etc. 

11) If enterprises happen to default on their obligations, or are corrupt, the system has methods to either recover the SOL or declare it void through the digital contracts embedded in the SOL.

12) Enterprises and citizens who earn SOL are allowed to trade it into the global marketplace for fiat currency. Therefore there will be a percentage SOL in circulation that was issued for mitigation that is declared 'void'. This 'bad money' will be taken out of circulation with a uniform 'demurrage fee' applied to all holders of SOL. Hence the 'bad money' is removed from the entire SOL supply as a percentage of all money, and not from individuals who happen to buy SOL that should have been voided. This allows everybody to trade SOL without taking other peoples' risk.

13) The demurrage fee represents a social and physical inefficiency of the policy. This is not a fundamental problem, because the monetary protocol will adjust the SOL price higher in response to the inefficiency (i.e. to increase the global rate of mitigation). In other words, when people who own SOL see that their holdings of SOL are reduced (the demurrage fee) the rising price of the SOL will make up the difference.
This process will ensure that the unit of account for SOL is upheld.

14) The assessment rules require more discussion.


Answer 2 - How to stop CO2-e being sold again on the market?

1) The enterprise that has carbon mitigation to sell, can chose between SOL rewards or a carbon offsets in a carbon trading market. The enterprise will likely chose based on price.

2) The enterprise that mitigates for SOL rewards will enter into digital contract that they will not sell the same carbon to another market (this would be a breach of contract and may be enforced by international counterfeiting laws and criminal charges).

3) Carbon trading and SOL databases can be connected for cross-checking of double issuance. The system can perform all types of database cross-checking to seek out anomalies (i.e. like the tax department).

I hope that answers the question.


Best,

Delton