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 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.