Executive Summary

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Executive Summary
Background
Solving the climate crisis is the defining challenge of this generation. Much of the world is on a mission to decarbonise and as we improve our understanding of climate science and the impacts of extreme weather events are felt across the globe, it is now clear that the next ten years will determine our success, but the effort needed to mitigate the impacts of carbon pollution will take decades to come.
By 2050, we believe the Zero-Carbon Economy will represent the largest ever alliance of governments, NGOs, businesses, investors and individuals, all aiming for zero emissions in an incredibly complex environment.
Despite this global focus, the challenge is huge. The goal of the Paris Agreement is to limit global warming to 1.5°Celsius above pre-industrial levels. However, the latest science suggests we may pass this level as soon as 2033[2] and exceed 3°[3] by the end of the century. As such, we are in the decade of potential action to change this pathway.
Many analysts are predicting the economy of carbon to touch the majority of humans on the planet, making it as far reaching and impactful to society as the Internet.
Presently, the two main ways businesses and individuals engage with this market is either through direct emissions reductions activities (for corporates this involves making operational and product changes, for individuals making lifestyle adjustments), or through the purchase of carbon offsets - that is, funding carbon emissions reductions, avoidance and removals that take place elsewhere. In practice a combination of both is needed, to minimise carbon pollution, whilst also funding activities that reduce or remove the unavoidable balance. Best practice for businesses is to set independently verified Science-based Targets, implement transition plans and offset remaining emissions using carbon credits until they can achieve zero emissions.
Emissions reductions or avoidance tends to involve societal or economic changes, such as increasing electricity generation from renewable sources (currently 28% of our energy source) rather than relying on fossil fuels (currently 60%)[4]. Removal and sequestration (locking the CO2 away permanently) can be nature-based (e.g. in forests, grasslands, wetlands or oceans) or via technological solutions (e.g. Direct Air Capture).
Significant reduction of emissions is possible, however, if we are to meet the targets set in the Paris Agreement, the Intergovernmental Panel on Climate Change (IPCC) report 2021 states that we need a 45% cut in emissions by 2030 (from 2010 levels) to reach carbon neutrality by mid-century[5]. Carbon credits are a vital tool to finance sequestration of emissions that can’t be avoided in the short and medium term.
The market is large and growing quickly. The current voluntary carbon market is worth around $5.5bn[6], with the market predicted to rise to as high as $200bn by 2050.[7] The entire carbon market is currently worth $272bn[8] and is widely predicted as being the next trillion dollar market, reaching $2tn by 2040.[9] The International Monetary Fund (IMF) is calling for a $75 floor on the price of carbon[10] and Mark Carney’s Taskforce on Voluntary Carbon Markets has suggested the voluntary carbon market needs to be 160 times bigger in 2050 than it was in 2020.[11]
The carbon futures market is growing faster than Bitcoin.[12] The world requires a voluntary carbon removal market that is large, transparent, verifiable, and environmentally robust. Today’s market is expensive, fragmented, unwieldy and illiquid. In the words of McKinsey, “Overall, the market is characterized by low liquidity, scarce financing, inadequate risk-management services, and limited data availability.”[13]
The JustCarbon platform seeks to solve each of these challenges through a single platform consisting of two symbiotic token systems: The JustCarbon Removal Unit (JCR) and the JustCarbon Governance unit (JCG). Our mission is to digitize and mobilize the world’s carbon assets. JustCarbon has a vision for a future where assets can move globally, securely, 24/7, in a frictionless economy, and with the portability of a digital wallet. JustCarbon as an imperative tool in the global arsenal of carbon removal initiatives up to 2050 and beyond.
This paper introduces the JCR, provides some historical context to demonstrate the importance of a modern, digital approach to carbon removal access, and presents details about the infrastructure behind the JCG, including its novel configuration as a Decentralised Autonomous Organisation (DAO) -governed foundation.
JustCarbon presents the easiest and most secure way for people and companies to access this complex market and to affordably own, hold, trade, issue, lend, finance, or move, investment-grade carbon removal. JCR mobilizes and democratizes access to projects that support the removal of carbon from the atmosphere.
The JustCarbon Platform
The JustCarbon platform enables the financing of carbon dioxide removal (CDR) from the atmosphere via its unique JustCarbon Removal Unit (JCR). The JCR token is only created once a tonne of carbon has been independently verified against internationally accepted standards as having been removed from the atmosphere (or avoided, in the case of avoided deforestation activities).
The purchase of a JCR does not in itself constitute any pollution offset unless the token is ‘retired’, that is, permanently removed from circulation by ‘burning’ the token: a decision that lies with the owner/s of each unit.
The platform, which will be run by a decentralised autonomous organisation (DAO), is not owned by any single entity or government and does not exist in any one country. This ensures transparent and balanced governance by all who participate on the platform and support active carbon removal by developing projects, providing relevant services (e.g. certification and verification) or purchasing JCRs.
The governance system (JustCarbon Governance unit, or JCG) exists as a separate unit of voting power and is also covered in this whitepaper. The DAO will assume effective governance of the JustCarbon platform with a foundation managing the system until the transition is complete. JCG users also receive a discount on transaction fees relating to their JCR activities, meaning there is also a financial reward for being active on the platform and involved in the ecosystem.
Staying true to its fundamental principles, the JustCarbon platform is built on the most energy-efficient technology available today. In addition, JustCarbon will offset any emissions that are inevitable.
JCGs will be donated to key stakeholders in the carbon markets, including major verifications bodies, foundations, project developers and relevant civil society groups and NGOs s. Then subsequently users will receive JCGs based on their ongoing support and involvement in the platform. In this way, JustCarbon is fully democratising both the marketplace for carbon and its governance.
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Background
The JustCarbon Platform