HomeCarbon NewsBillionaire Investor Mark Cuban Purchasing $50K in Tokenized Offsets Every 10 Days

Billionaire Investor Mark Cuban Purchasing $50K in Tokenized Offsets Every 10 Days

Mark Cuban is the latest billionaire to recognize the power of the carbon offset industry. On Saturday, Cuban announced that he has been purchasing $50K worth of tokenized carbon offsets every 10 days and hopes to do even more.

“I’ve been buying 50k in offsets every 10 days or so, verifying them and putting them on-chain as BCT,” said Cuban via Twitter. “I would love to do the same thing and probably more with removal within KLIMA.”

What are carbon credits and carbon offsets?

If you aren’t familiar with the carbon credit industry – it is booming. Countries and companies alike recognize its role in the fight against climate change, which is why world leaders at COP26 agreed to create a global standard.

Simply put, carbon offsets are purchased using carbon credits on a carbon marketplace. For each individual carbon credit purchased, one metric ton of carbon is removed from the atmosphere through an environmental project – such as reforestation.

The carbon offset doesn’t only have the power to help improve the environment. The projects used to offset carbon can help spark economic growth across the globe.

How is Cuban purchasing carbon offsets?

Cuban is using blockchain technology to purchase offsets on Klima. Klima is a decentralized autonomous organization (DAO) with $100 million worth of carbon offsets (about 9 million tons of carbon).

The offsets on Klima DAO are Base Carbon Tonnes (BCT), a “digital” form of carbon credits. So, just like the regular carbon marketplace, one ton of carbon is equal to one BCT (just how one ton of carbon is equal to one carbon credit).

With new standards being put in place globally and more accessibility (through blockchain), the industry can improve and grow. Experts believe the carbon offset industry will reach $100 billion by 2030, up from just $300 million in 2018.

Most Popular
LATEST CARBON NEWS

2024 is The Golden Era For Europe’s Renewable Energy: Here’s Why

In 2024, Europe's market for renewable power purchase agreements (PPAs) is poised for substantial growth. Moreover, major mergers and acquisitions (M&A) also happened in...

Audi and Alfa Romeo Take The Ride to Electrification

Amid the rapid adoption of electrification, electric cars are reshaping the automotive industry, promising enhanced performance, efficiency, and a cleaner future. This momentum is...

Is the EV Market’s Momentum Slowing?

Bloomberg Outlook 2024 According to the Bloomberg EV Outlook Report, the global electric vehicle (EV) market in 2024 shows varied progress across different regions and...

Microsoft Strikes 2 Record-Breaking Carbon Credit Deals

Microsoft has entered into a groundbreaking agreement with BTG Pactual Timberland Investment Group (TIG), committing to provide 8 million carbon removal credits, marking the...
CARBON INVESTOR EDUCATION

What Is COP28? Key Issues to Watch Out at 2023 Climate Summit

After a record-breaking year of devastating effects of climate change, from record wildfires in Greece and Canada to floods in Libya, the United Nations...

Climate Disclosure: New Corporate Standards for a Net Zero World

As part of the world’s continued efforts to combat climate change and transition towards net zero, one important piece of the puzzle is new...

Carbon Pricing: Understanding The Economics and Trends of Fighting Climate Change

As global temperatures continue to rise, the urgency surrounding climate policies has intensified, thrusting carbon pricing into the limelight of climate discussions. The race to...

The EU Corporate Sustainability Reporting Directive (CSRD): Key Things to Know

Companies operating in the European Union will have to deal with new non-financial and sustainability reporting requirements starting January 2024 with the EU's Corporate...