The idea for Global 4C was initiated by Dr. Delton Chen in June 2013 at Al Gore’s Climate Reality workshop in Istanbul, Turkey, and was conceived on the intuition that a new currency could be developed to globally finance greenhouse gas (GHG) mitigation. Dr. Chen began researching the policy whilst in Central America in 2013. The first economist to review Global 4C was Joel van der Beek (EconoVision) who is a founding supporter of this project. Jonathan Cloud, who is the executive director of the Center of Regenerative Community Solutions (501c3), accepted the responsibility of policy host in January 2014.
The new policy was initially analysed with storytelling. A relatively simple metaphorical story, based on a pre-Columbian Mayan society, was written through which the monetary policy was introduced to solve a hypothetical problem of deforestation. In the story, a monetary policy was applied using a complementary currency for planting trees. The new currency was used in parallel with the existing national currency of the Mayans. The new currency was used to improve forest management and to improve cooperation amongst tribal clans and minimise conflict.
Since research began in 2013, Global 4C was compared with conventional and unconventional climate mitigation policies and related monetary systems, but Global 4C was found to be unique. It was also found that the underlying theory for market-based environmental mitigation policies was not fully defined in the literature. The Global 4C research continued throughout 2014-2016, when Dr. Chen and other economists refined the policy details. Other economists who contributed in 2014-2015, including Dr. Armonia Borrego (National Autonomous University of Mexico, Mexico) and Dr. Hailong Jin. In 2015, a new theoretical framework for money, markets, and systems was proposed; and in 2016 a new hypothesis was developed for markets that explains how systemic risk may be internalised into the economy (unpublished). The policy framework was presented at a 2015 Earth System Governance conference in Australia, and the team hopes to present the Global 4C policy and new market hypothesis in peer reviewed papers in 2016-17.
The Global 4C team also includes volunteers in digital currencies, finance, and economics. Over time, we intend to acknowledge the help of all volunteers with a personal introduction.