Fixing the Problem of the Carbon Markets
Established with the goal of reducing greenhouse gas emission, the carbon markets use tradable carbon credits as permits for the release of certain amounts of carbon dioxide by the industries. Making carbon emissions tradable means pricing the pollution which in turn should lead to less pollution.
Yet despite their noble goal, the carbon markets are not perfect. Instead of cutting their CO2 emission by investing in low-carbon technologies, the industries find it’s cheaper to simply buy more credits and continue with their polluting practices.
Chooose, a Norwegian startup with offices in Oslo and Los Angeles is fixing this problem. Co-founded in 2017 by four founders with expertise combining energy law, marketing, communications and engineering, this startup buys and shreds carbon credits, leaving less for use by the polluters. The company managed to raise USD 1.3 million from investors and is credited for removing over 71 million kilograms of CO2 from the market.
Subscribing to Your Share of CO2 Reduction
Chooose offers different subscription options directly related to country average CO2 emissions made by individuals. The company has access to European carbon markets and is using the money it collects from subscribers to buy carbon credits and UN issued certificates, known as Certified Emission Reductions (CER), each representing one ton of CO2 quotas. Then is simply destroying the purchased quotas preventing their use by the polluters.
Practically anyone can have his own share in CO2 reductions by subscribing to Chooose. It is building a community for reducing the available offer on the carbon market
A Potential Market of $8.12 billion
According to market research companies, the global activated carbon market is projected to reach USD 8.12 Billion by 2021, with CAGR of 9.4% during 2016 – 2021 period. In terms of volume, this is 3857.9 KT by 2021.
The company is also planning to launch cryptocurrency tokens based on blockchain technology for the Chooose community.