Makerdao Co-Founder Proposes $14 Million Fund to Combat Climate Change; Crypto Supporters Mock Idea

February 7, 2023 Bitcoin.com

KlimaDAO increases carbon offset stash by 50% in two months

January 12, 2022 Coin Telegraph

The carbon offset accumulating DAO on Polygon has rapidly increased the amount of offsets it has in its treasury by increasing spending and diversifying its source of offsets.

Carbon offset protocol KlimaDAO has now accrued over 14 million on-chain carbon offsets and is causing waves in the more traditional carbon offset industry.

The aim of KlimaDAO is to acquire as many carbon offsets as it can in order to drive up their value and make offset-generating activities more profitable.

The Mark Cuban-backed project’s treasury has added over 5 million carbon offset tokens since late Nov. 2021, bringing the total to 14.5 million as of the time of writing. Its offsets are tokenized and bridged to Polygon (MATIC) in the form of Base Carbon Tonnes (BCT) by Toucan Protocol and the new MCO2 tokens by Moss, which were first added to the treasury on Jan. 6. KlimaDAO now owns the majority of the 17 million BCTs in existence.

The decentralized autonomous organization is spending $100 million on offsets.

Much of the $100 million used for buying offsets comes from the sale of bonds, which are used to increase the funds available to the DAO. Users are incentivized to buy bonds by receiving a discount on KLIMA, the native token from the project. On Jan. 6, the DAO boosted the discount on KLIMA bonds to help raise more funds needed to buy more offsets.

The DAOs rapid acquisition of carbon offsets has caught the attention of the traditional carbon offset firm Gold Standard. CEO Margaret Kim criticised the DAO in the Wall Street Journal, suggesting the anon team behind the project posed transparency issues.

“We are also concerned about the fact that the founders are anonymous, which runs contrary to the need for transparency in climate action generally and carbon markets more specifically.”

KlimaDAO team responded to Kim’s concern telling Cointelegraph, “There are ways to provide assurances without being doxxed.” Being doxxed refers to revealing an anonymous individual’s true identity.

KlimaDAO founder Archimedes also addressed the issue of anonymity and trust in the on the Jan. 10 episode of podcast Planet of the Klimates:

“Are we ever going to be at a point where we have to reveal who we are? At some point, maybe, Klima becomes so powerful that world governments demand to know who we are.”

The team also told Cointelegraph that traditional firms like Gold Standard “may need more regulatory clarity into how a DAO works legally” in order to be more comfortable with the tremendous growth in the project.

The KlimaDAO team appears poised to take on the challenges associated with carbon offsets on the blockchain for the long term as it said, “We are prepared to do what it takes to make the DAO successful.”

Klima DAO accumulates $100M of carbon offsets, aims to drive up price

November 12, 2021 Coin Telegraph

Klima DAO accumulates 0M of carbon offsets, aims to drive up price

Coin Telegraph

Climate activism via blockchain is becoming a serious topic of discussion among academics and industry professionals as carbon offsets are tokenized.

Climate-change focused Klima DAO has accumulated over 9 million tonnes of carbon offsets according to a Nov. 8 announcement. The USD value of those offsets has surpassed $100 million.

In a blog post, the project explained that those offsets are equivalent to the annual emissions of Georgia, Jamaica, or Papua New Guinea. The Klima DAO protocol aims to increase the price appreciation of carbon assets.

The core team told Cointelegraph that it intends to put upward pressure on the price of carbon offsets “so that it becomes more profitable to engage in offset-generating activities, such as conserving land for carbon sequestration, or restoring forests and wetlands.”

Carbon offsets are reductions in greenhouse gas emissions in one place to compensate for emissions somewhere else.

By accumulating all those offsets, known as Base Carbon Tonnes (BCT), the Klima DAO treasury has locked in about 85% of the existing 10.7 million BCTs on-chain. Each BCT is a digital asset representing one tonne of carbon from the Verified Carbon Unit (VCU) registry, which has been bridged onto the Polygon Network by the Toucan Protocol.

As the balance of BCT in its treasury increases:

“The Klima DAO community will look to promote higher quality carbon offset projects, particularly in developing economies.”

The project hopes to stimulate a growth in the price of BCT tokens by offering fee sharing, a bonding program, and incentivized liquidity pools on Sushiswap.

The project is taking advantage of blockchain as a record-keeping system that can create standardization and accountability in efficiently assessing data about the economic and environmental impact of offsets.

Climate change control via blockchain has become a common topic among both the tech-savvy and environmentally-sensitive. During this week’s GOP26 event in Glasgow, Scotland, groups from the United Citizens Organization and the Climate Change Coalition advocated for green economy initiatives.

The University of Cambridge also announced this week that it would work with Tezos to create a decentralized carbon credit marketplace.

KlimaDAO