Volume 1: Energy Innovations: Accelerated Deployment, New Concepts, and Emerging Technologies

A Systematic Socio-Techno-Economic Approach Toward Reducing Carbon Emissions: Decentralization of the Accounting and Financing for Electricity Use Nasrin R. Khalili, Lanh V. Nguyen

Abstract

This paper suggests a model for optimization of societal carbon footprints one person at a time through the decentralization of electricity use and accounting. Our model describes steps involved with developing a decentralized accounting system considering electricity as a “credit product”. While describing the basic characteristics of both schemes, we also emphasize capabilities of the proposed model for reducing carbon footprints from other societal choices, for example, purchasing water (energy-water nexus), managing waste, or designing sustainable transportation systems. A simple yet complex model involved with familiar societal financial systems’ rules and routines is proposed for achieving a resilient, sustainable, and prosperous future. The proposed model calls for creating a dynamic society (as a system) that can be efficiently adopted to take on challenges threatening the function, survival, and future developments of the societies.

Keywords carbon emission, climate change, energy management, credit score, sustainability