For example, a company can commit to becoming carbon neutral by buying credits from another company that has caused less pollution in a given year.
When companies aim to offset the emissions they generate, they buy these credits which oblige them to participate in carbon reduction projects.
This effectively translates into crypto-mining at higher emission rates at a time when the world is moving towards green energy initiatives.
It is a decentralized finance project that allows users to buy carbon credits and link them to a digital token called BCT – Base Carbon Tonne, which can then be traded on crypto exchanges.
Binding with a digital token does not compromise the nature or ongoing activities of carbon reduction projects.
Another crypto token called Klima, which was launched independently but on the same day as BCT, is currently driving the trading of carbon credits on crypto exchanges.
While Cuban said he owned Klima tokens, he didn’t share any other details, according to the WSJ report.
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