Abstract Background Many governments take the view that voluntary national targets to reduce greenhouse gas emissions are sufficient to avoid negative climate effects. In the absence of independent verification, however, pledges are unlikely to be sufficient for a rapid and strong reduction of emissions. It is often claimed that a global carbon tax could be an effective instrument. However, such a tax is difficult to set and to collect, especially in countries with poor administrative infrastructure. Results Here, we formulate and discuss a novel approach, the Global Carbon Surcharge (GCS), that mimics a carbon tax but does not require tax collection by governments. We define GCS as a requirement or a voluntary commitment encompassing all companies extracting carbon-carrying raw materials, namely coal, oil, gas and limestone, with the aim to burden their extraction with costs proportional to their carbon intensity. GCS mandates all companies to store these materials immediately after mining for a given period of time in the vicinity of the production site. Thereby, GCS generates additional costs that propagate through all sectors of the global economy. We elucidate how the investment costs for the storage infrastructure translate into surcharges on the raw materials. Conclusions We show that by a proper choice of the storage time and the size of the storage unit, GCS becomes equivalent to a carbon tax in the range between 50 and 100 € per ton of CO2 that is assumed to be necessary for the transition to a carbon-neutral energy system. An attractive feature of GCS is that it can be verified, in particular by citizens themselves, using publicly available satellite data. Finally, if compulsory storage is coupled to blockchain-based smart contracts and a mandatory (expensive) mining of cryptocurrency, GCS can be operated without governmental protectionism, corruption and fraud. However, the main uncertainties of the GCS approach lie in the substantial expansion of infrastructure and the fact that the induced price effects must be sufficient to achieve a rapid and far-reaching substitution of fossil fuels.