But the overall effect is one of slapping lipstick on a pig.Ĭarbon credits are issued by firms that claim they are removing carbon-dioxide from the atmosphere, either by their business practices or more active conservation efforts like planting trees. There is no doubt that some of these claims are true, considering how fractured the current carbon credit industry is. In theory, crypto provides a way to bring transparency and liquidity to mostly unregulated and voluntary carbon credit markets. ![]() While this hasn’t affected all crypto carbon projects, it has been a major roadblock for many, and it casts doubt that blockchains can ever outrun the human-scale problems plaguing climate advocacy. (The Celo blockchain-based effort hoped to launch its goddess nature token (GNT) by the end of June, after raising about $70 million in a private presale advertised on its website.)īut there’s a larger issue at foot than a market rout: Last May, the standard-bearer of carbon credits, Verra, announced it would ban the conversion of retired credits into crypto tokens after finding that crypto upstarts were less than accountable. Speaking with the Journal, Flowcarbon’s Chief Executive Dana Gibber said Neumann was not involved day to day and pointed to the crypto market downturn for the pause. This might be just deserts for those that saw Nuemann – who tried to trademark the word “we” – reinvent himself as a crypto-climate advocate and thought, “surely this must be a scam.” The Journal situated this news among a greater trend of high-profile crypto-climate startups that have “either slowed operations or delayed product rollouts” in recent months. This weekend, the WSJ reported that Flowcarbon, the buzzy blockchain project founded by discredited ex-WeWork CEO Adam Neumann and backed by crypto powerhouse Andreessen Horowitz just two months ago, has indefinitely delayed the launch of its suite of products. See also: Crypto Carbon: Can Blockchain Networks Fix Carbon Offsets? | Opinionĭespite this measurable market growth, a big win for those looking to disrupt and democratize the sclerotic world of carbon offsetting, the industry is facing something of an existential crisis.
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