The architecture of climate action is biased towards the global, while impact of climate change is rooted in the local context. The way the architecture is configured, determines whether the local deserves to be on the priority of climate action.
Carbon offsets are useful as commodification is a precursor to modular architecture, which are traded as stocks in a bourse. Low friction is imperative for scale. Carbon markets work well at high volumes, thus national and regional scale architectures will thrive. Carbon offset projects such as NbS which have scale will attract large capital investments rather than a cook stove project.
For local impact, we need a different offset type, which social impact bonds need to meet carbon offsets. There is scope for financial inclusion there.
Change Thinker 