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

From Wild Seaweed to High-Value Products and Carbon Credits

A wave of seaweed is covering the Caribbean coasts, killing wildlife while harming humans and tourism, but an innovative company is turning it into...

Ammonia: Carbon-Free Fuel for the Shipping Industry

Converting ammonia into hydrogen is an emission-free fuel to help decarbonize the heavy-duty and shipping transportation industry. The transportation industry is the biggest polluter in...

How The First Carbon Negative Nation of Bhutan Did It

As the world’s richest and largest emitting countries are struggling to reduce emissions, Bhutan became the first carbon negative nation. Fog-enshrouded temples nestled in mountainous...

Google’s Eco-Friendly Routing Comes to Europe

Google expanded its eco-friendly routing on its Google Maps to 40 countries across Europe. With Google Map’s eco-friendly routing, drivers can choose a route that’s...
CARBON INVESTOR EDUCATION

The 5 Top Carbon Offset Project Developers

Are you looking to directly reduce your carbon footprint or support projects that cut emissions elsewhere? Then carbon credits allow you to do either...

The Top 3 Private Carbon Companies to Watch Right Now

Right now, the carbon space is heating up. Dozens of companies are jumping into what’s fast becoming one of the hottest spaces to invest...

Carbon Insetting: The Target of Scope 3 Carbon Offset Accounting

Carbon offsets are a well-known sustainability concept so you most likely have heard of them. But there’s a relatively new sustainable supply chain term...

Tonne Year Accounting for Temporary Carbon Storage

You most likely know the climate benefits of storing carbon and removing gigatons of it from the atmosphere to limit climate change. But we also...