Carbon credits as a form of everyday currency is focus of this edition of the Business Day Spotlight.
Our host Mudiwa Gavaza is joined by Paul Rowett, co-founder and CEO of Toco.
Toco is a digital payment platform and digital currency that aims to disrupt the world of carbon trading and carbon credits.
Carbon trading is a market-based approach to reducing greenhouse gas emissions. It works by creating a system in which companies can buy and sell permits to emit a certain amount of carbon dioxide. The permits are typically issued by governments or other regulatory bodies, and their price is determined by supply and demand.
Rowett says there is an emerging trend of climate tech solutions aimed specifically at mitigating climate change. But very few solutions make it possible for the everyday person to take climate action.
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He explains that Toco is a form of ‘money’ that can be stored as tonnes of carbon in a digital wallet on mobile phones, turning everyday purchases into climate action.
Each toco represents one tonne of carbon removed from the atmosphere, and which has been independently verified as carbon emission reductions. It can be used to pay for services and products, or to count achieved carbon reductions.
Topics of discussion include: an explanation of carbon credits and trading; differentiator of Toco; the business model for platform; and how it is set to be used in SA.
Business Day Spotlight is a TimesLIVE Production.
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