Yes, that sub-hed sounds like mumbojumbo to us too.
Adam Neumann, notoriously and formerly the CEO of WeWork, is now supporting a brand-new endeavor. The business, called Flowcarbon, revealed Tuesday that it hasactually raised $70 million in its veryfirst round of financing.
The mostsignificant financier in Flowcarbon is Silicon Valley endeavor capital fund, a16z, run by Marc Andreessen and Ben Horowitz. Other financiers consistof endeavor funds like Samsung Next, General Catalyst, and Invesco Private Capital.
So, what is the business that broughtin all that fancy tech cash? Well Neumann, the grift-king, is obviously moving away from real estate and towards a “blockchain-enabled carbon credit trading platform,” according to a report by Reuters.
Sorry, you didn’t catch that the veryfirst (two) time(s)? It’s a “blockchain-enabled carbon credit trading program.”
Still not clear? How about this description from the business site:
“Flowcarbon runs at the crossway of the voluntary carbon market and Web3, leveraging blockchain to scale environment modification services.”
Their mentioned objective is, “to drive billions of dollars straight to tasks that minimize or eliminate carbon from the environment by producing the veryfirst open procedure for tokenizing live, licensed carbon credits from jobs around the world.”
To effort some translation: It’s a business that makes carbon balancedout jobs (specifically nature-based ones, like tree planting) into crypto tokens for business to buy and offer. Why? According to Flowcarbon, they’re attempting to usage the blockchain to construct an simpler, more available, and more transparent system of exchange.
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“The carbon market is exceptionally nontransparent and we think need for offsets is quickly exceeding the speed at which supply can be increased, particularly for nature-based tasks,” stated one of the financialinvestment partners from a16z in a company declaration.
Flowcarbon might earnestly be fixing an problem in the trading of carbon credits, by making them more easily exchanged at a lower rate (the business charges 2% vs. greater charges in the conventional system, according to Reuters). But ease of exchange isn’t truly the main issue here. Until Adam Neumann formally backs an effort to meaningfully decarbonize, we’ll keep him off the climate heroes list.
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