Carbon quantitative easing
proposed unconventional monetary policy in international climate policy
Carbon quantitative easing (CQE) is an unconventional monetary policy or monetary program that is featured in a proposed international climate policy, called a global carbon reward or simply, the carbon reward. The main goal of CQE is to guarantee the price floor of a carbon reward market so that this market can scale to decarbonise the world economy. The market instrument is also called a 'carbon reward' and is denoted XCR, which is a provisional code for possible inclusion in ISO 4217. The XCR is a financial asset (not a currency) and its main purpose is to finance greenhouse gas (GHG) mitigation at scale and without the financial constraints that limit the utility of carbon credits. The XCR is technically not a carbon credit and it cannot be used to offset carbon emissions.
CQE is designed to ensure that the exchange rate of the XCR does not fall below an internationally agreed price floor. XCR's price floor would function as the price signal for the mitigation of GHG emissions within the carbon reward market. The most recent and authoritative definition of CQE is found in a policy working paper published in 2025, as follows:"Carbon quantitative easing (CQE) is defined here as an internationally coordinated monetary program for central banks that belong to a monetary-carbon alliance. Each central bank of the alliance is required to participate in the CQE program with the aim of guaranteeing the XCR price floor in international markets. CQE requires member banks to purchase XCR with new bank reserves and in volumes defined by a common CQE formula.
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