WeWork's Adam and Rebekah Neumann’s redemption story is underway

Flowcarbon, a pioneering climate technology company, is working to build market infrastructure in the voluntary carbon market. VCM has announced a $70 million capital raise.

The raise included venture capital funding and token sale proceeds, led by Silicone Valley VC firm Andreesen Horowitz. Adam and Rebekah Neumann were also behind the flexible workspace company WeWork, which became marred in controversy after filing for an Initial Public Offering IPO in August 2019.

The firm's pre-IPO market valuation came in at $47 billion. But soon after filing, the company's valuation fell dramatically to $7 billion, leading to the dismissal of thousands of employees.

The controversy left a bitter sting for those who were let go, more so considering Neumann pocketed $1.05 billion from the deal.

In what Tech Crunch calls Neumann's redemption story, the duo is back, and this time they are targeting carbon credits.

Is Flowcarbon using the technology to fight climate change?

Flowcarbon wants to tokenize carbon credits, enabling companies to buy and sell them in the hope of reducing the global carbon footprint.

Carbon-negative firms can sell tokenized credits and benefit from more efficient cash flow. There is a benefit of paying a 2% tokenization fee, which is less than the 30% charge through traditional channels.

The transparency in the carbon offsetting process is enhanced by the buyers.

Dana Gibber, CEO of Flowcarbon, said the VCM was a great financial mechanism to offset the environmental damage caused by carbon emissions.

On May 27th, the public pre-sale of Goddess Nature Tokens GNT takes place.

Carbon credits allow the holder to emit a certain amount of carbon dioxide gas in their business activities.

This makes companies more carbon aware, allowing them to take measures to reduce emissions over time as limits get reduced. Companies that don't use their allocation of carbon credits can sell them to others.

The cost of buying credits by net-positive emitters is another incentive to reduce emissions. The scheme is not without its critics. Friends of the Earth FotE called carbon a dangerous distraction that worsens the problem.

An offsetting system is a convenient excuse for governments, businesses, and individuals to avoid making difficult decisions, according to the organization. The immediate end to fossil fuel use is what we need to do.