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The Regenerative Finance (ReFi) movement aims to fundamentally transform the governance of global common pool resources (CPRs), such as the atmosphere, which are being degraded despite international efforts. The ReFi movement seeks to achieve this by utilizing digital monitoring, reporting, and verification (D-MRV); tokenization of assets; and decentralized governance approaches. However, there is currently a lack of a clear path forward to create and implement models that actually drive the “Re-” in ReFi beyond perpetuating the existing extractive economics and toward actual regeneration. In addition, ReFi suffers from growing pains, lacking a common interoperability framework and definition for determining what a ReFi project is and how the individual components align toward the grand ambition. This paper provides a definition of the ReFi stack of interconnected components and examines how it can address limitations in climate change accounting, finance and markets, and governance. The authors also examine the theory of regenerative economics and CPRs to encourage further discussions and advancements in the ReFi space. The crucial question remains if and how ReFi can drive a change in paradigm toward the effective regeneration of global CPRs. 

Research examining the rise of digital environmental governance, particularly at the subnational scale in China, is fairly limited. Critical questions regarding how digital technologies applied at the subnational level may shape or transform environmental governance are only beginning to be explored, given cities’ increasing role as sustainability experimenters and innovators. In this study, we investigate how smart city initiatives that incorporate big data, artificial intelligence, 5G, Internet of Things, and information communication technologies, may play a role in the transformation towards a “digital China.” We conceptualize three major pathways by which digital technology could transform environmental governance in China: through the generation of new data to address existing environmental data gaps; by enhancing the policy analytical capacity of environmental actors through the use of automation, digitalization, and machine learning/artificial intelligence; and last, through reshaping subnational-national, and state-society interactions that may shift balances of power. With its dual prioritization of digital technologies and climate change, China presents an opportunity for examining digitalization trends and to identify gaps in governance and implementation challenges that could present obstacles to realizing the transformative potential of digital environmental management approaches. 

The Paris Agreement’s decentralized and bottom-up approach to climate action poses an enormous accounting challenge by substantially increasing the number of heterogeneous national, sub-national, and non-state actors. Current legacy climate accounting systems and mechanisms are insufficient to avoid information asymmetry and double-counting due to actor heterogeneity and fragmentation. This paper presents a nested climate accounting architecture that integrates several innovative digital technologies, such as Distributed Ledger Technology, Internet of Things, Machine Learning, and concepts such as nested accounting and decentralized identifiers to improve interoperability across accounting systems. Such an architecture can enhance capacity building and technology transfer to the Global South by creating innovation groups, increasing scalability of accounting solutions that can lead to leapfrogging into innovative systems designs, and improving inclusiveness.