The Open Earth Foundation, a nonprofit based in California, has introduced its inaugural version of the digital Carbon Pricing tool, which incorporates the social cost of carbon, a carbon pricing calculator, and educational resources. Developed in partnership with UC Berkeley and Chainlink Labs, this tool is designed to assist companies in determining their internal carbon price.
The Carbon Pricing tool offers vital information, including the suggested carbon price calculated using the GIVE model, carbon price benchmarks from prominent companies, taxes, and recommended carbon prices. Additionally, it provides an open API and Chainlink node to enable the integration of carbon prices into other solutions and smart contracts.
Users of the carbon price calculator can gain insight into the social cost of carbon, representing the economic damage resulting from the release of an additional ton of carbon dioxide into the atmosphere. The calculator utilizes the RFF-Berkeley Greenhouse Gas Impact Value Estimator (GIVE model), an integrated assessment model (IAM) for climate change. Moreover, the tool enables users to calculate the discount rate, which reduces the cost of damage and is used to determine the carbon price.
Since this is the tool’s initial version, the Open Earth Foundation invites individuals to test the platform, provide feedback for potential improvements, and develop tools using the API and oracle. Those interested in participating in a testing session can contact ux@openearth.org.
