Controversial WeWork founders back with crypto solution for climate change

Flowcarbon, which describes itself arsenic “a pioneering clime exertion institution moving to physique marketplace infrastructure successful the voluntary c marketplace (VCM),” has announced a $70 cardinal superior raise.

The rise consisted of task superior backing and token merchantability proceeds, led by Silicone Valley VC steadfast Andreesen Horowitz (a16z).

“The backing circular was led by a16z crypto and besides includes General Catalyst, Samsung Next, Invesco Private Capital, 166 2^nd, Sam and Ashley Levinson, Kevin Turen, RSE Ventures, and Allegory Labs. Other participants successful the token merchantability see Fifth Wall, Box Group, and the Celo Foundation.”

Flowcarbon founders Adam and Rebekah Neumann were besides down flexible workspace institution WeWork, which became marred successful controversy aft filing for an Initial Public Offering (IPO) successful August 2019.

The firm’s pre-IPO marketplace valuation came successful astatine $47 billion. But soon aft filing, the company’s valuation fell dramatically to $7 billion, triggering the dismissal of thousands of employees.

This contention near a bitter sting for those who were fto go, much truthful considering Neumann pocketed $1.05 cardinal from the deal.

In what Tech Crunch calls Neumann’s “redemption story,” the duo is back, and this clip they are targeting c credits.

How volition Flowcarbon usage crypto exertion to combat clime change?

Flowcarbon aims to tokenize c credits, enabling companies to bargain and merchantability them successful the hopes of reducing the planetary c footprint.

Carbon-negative firms tin merchantability tokenized credits and payment from much businesslike currency flow. There’s besides the payment of paying a 2% tokenization fee, acold little than the 30% charged done accepted channels.

Meanwhile, buyers acquisition greater transparency successful the c offsetting process.

The CEO of Flowcarbon, Dana Gibber, called the VCM a “brilliant fiscal mechanism” to offset the biology harm caused by c emissions.

“There are almighty economical incentives to destruct and degrade captious earthy landscapes astir the world, but the voluntary c marketplace is simply a superb fiscal mechanics that creates a counterbalancing inducement to reforest, revitalize and support nature.”

The public pre-sale of “Goddess Nature Tokens” (GNT) takes spot connected Friday, May 27.

What are c credits?

Carbon credits alteration the holder to emit a definite magnitude of c dioxide state successful their concern activities.

In theory, this makes companies much c aware, allowing them to instrumentality measures to trim emissions implicit clip arsenic limits get reduced. Companies that bash not usage their allocation of c credits tin merchantability them to others.

The outgo of buying credits by net-positive emitters is simply a further inducement to chopped emissions. However, the strategy is not without its critics. Friends of the Earth (FotE) called c credits a unsafe distraction that worsens the problem.

The enactment argues that an offsetting strategy is simply a “convenient excuse for governments, businesses, and individuals” to debar making hard decisions. The lone credible solution is the contiguous extremity of fossil substance use.