Adam Neumann Wants to Put Carbon Credits on the Blockchain

Carbon Trading is getting the crypto treatment, and WeWork's Eccentric co-founder is the latest orchestrator. Adam Neumann, three years after being fired as CEO, is launching a new company called Flowcarbon that aims to put carbon credits on the blockchain.

With the help of the company's flagship product, the Goddess Nature Token, he hopes to make carbon credits more accessible and easier to trade, thanks in part to a $32 million round of funding from renowned Silicon Valley venture firm Andreessen Horowitz (GNT.)

Businesses and individuals will be able to buy and sell permits on the blockchain in a decentralised manner using these tokens, which are each backed by a real-life carbon credit. This will make the opaque and contentious process more transparent.

Following his fall from grace, Neumann's new venture marks not only a turning point for him, but also another high-profile tech founder diving headfirst into the booming Web3 sphere. Businesses buy and sell a limited number of government-issued permits that they can "cash in" when they emit carbon in carbon trading, also known as the voluntary carbon market.