Today, Fifth Wall Climate Tech announced it has made a $4M strategic purchase of Flowcarbon's Goddess Nature Token (GNT), currently in presale, making it an early entrant in having access to this new asset. Flowcarbon is tokenizing carbon offset credits and building the infrastructure for an on-chain carbon market where they will be used for transacting. The new token will make it possible for real estate owners, developers and operators of all sizes to access carbon credits as a tool to decarbonize the embodied emissions of their physical environments. Fifth Wall Climate Tech is helping companies in the built environment transform in response to the groundbreaking legislation major cities have started passing that requires buildings to meet increasingly stricter limits with regard to greenhouse gas emissions.
“The real estate industry can play a significant role in helping the world meet climate targets, but in order to do that they will need new technologies and equal access to them regardless of size and scale,” said Greg Smithies, Partner at Fifth Wall and co-lead of the Climate Tech Investment team. “We see Flowcarbon as critical to helping the industry mitigate one of the hardest to solve issues that hinders its contribution - embodied carbon.”
New York’s Local Law 97, passed in April 2019, aims to reduce the emissions produced by the city’s largest buildings 40 percent by 2030 and 80 percent by 2050. Other states have similarly passed legislation that requires building emissions reductions with a focus on energy sources and energy efficiency, but in order to achieve state-level climate goals, building owners are likely to need options that go beyond what’s available today.
“We’re working to make carbon offsetting more accessible and transparent to entities that want to use it as a tool for mitigating their carbon impact and also expand who can access offsets,” said Caroline Klatt, Co-Founder of Flowcarbon. “This will help drive capital into the hands of project developers on the ground around the world to expedite projects that protect and reforest these critical natural assets, which is Flowcarbon’s primary goal.”
The carbon offset market has long been inefficient, resulting in tens of billions of dollars in funding being held back. Flowcarbon solves this inefficiency by tokenizing voluntary carbon credits, creating a transparent market available to everyone. Thus, making GNT a well-matched resource in Fifth Wall’s toolkit for the company’s unique blended advisory-investor model.
Flowcarbon’s first token - the Goddess Nature Token (GNT) - is backed one-to-one by voluntary carbon credits which are live, retaining their full off-chain value and deposited into a professionally managed SPV. Its real-world market value makes it the first liquid carbon instrument designed for buyers in the corporate, retail, institutional and crypto spaces.
Flowcarbon is a pioneering climate tech company bringing carbon offsets onto the blockchain. Its mission is to make carbon markets accessible and transparent, enabling billions of dollars to be invested directly into projects that combat climate change. Founded by a team of experienced entrepreneurs with collective expertise in carbon, sustainability, and blockchain technology, and backed by some of the biggest investors in the world, Flowcarbon is committed to driving real impact for people, biodiversity, and the planet. https://www.flowcarbon.com/
Founded in 2016, Fifth Wall, a Certified B Corporation, is the largest venture capital firm focused on technology for the global real estate industry. With approximately $3.0 billion in commitments and capital under management, Fifth Wall connects many of the world's largest owners and operators of real estate with the entrepreneurs who are redefining the future of the Built World. Fifth Wall is backed by a global mix of more than 100 strategic limited partners (LPs) from more than 15 countries, including BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, Host Hotels & Resorts, Kimco Realty Corporation, Lennar, Lowe's Home Improvement, Marriott International, MetLife Investment Management, Related Companies, Starwood Capital, Toll Brothers, and others. Fifth Wall believes this consortium represents one of the largest groups of potential partners in the global Built World ecosystem, which can result in transformational investments and collaborations with promising portfolio companies. For more information about Fifth Wall, its LPs, and portfolio, visit www.fifthwall.com.
Nicole Shore
Head of Communications, Flowcarbon
Nicole@flowcarbon.com
