The MOSS Carbon Credit (MCO2) token was established to fund climate projects in the Amazon forest through the purchase of issued carbon credits.
MCO2 tokens were created from October 2020 to April 2022. Carbon credits from various VCS climate projects were used:
- Fortaleza Ituxi REDD Project — Brazil, 998,210 carbon offsets (32% of the total)
- Agrocortex REDD Project — Brazil, 728,444 carbon offsets (24% of the total)
- Florestal Santa Maria Project — Brazil, 611,641 carbon offsets (20% of the total)
- Amazon Rio REDD+ IFM — Brazil, 140,000 carbon offsets (5% of the total)
- Madre de Dias Amazon REDD+ — Peru, 579,936 carbon offsets (19% of the total)
Token Specifications:
- Name: MOSS Carbon
- Symbol: MCO2
- Type: ERC-20 token
- Total Supply: Dynamic, based on the supply and demand for carbon credits
- Circulating Supply: 2.501.253 million tokens
- MCO2 Tonnes Retired: 292,435 tokens
- Blockchain: Ethereum
- Use cases: To burn to offset carbon footprints. After that, a carbon credit is nullified in the Verra registry, with the MOSS account debited. Tokens and carbon offsets are directly correlated by quantity, serving as fungible tokens. Tokens are not correlated to specific climate projects.
On March 17, 2021, the cost of MCO2 peaked at $17.70. However, by the time of writing (June 6, 2024), the price of tokens had fallen to $0.7779.
MCO2 tokens are now available on centralized and decentralized exchanges.
Problems of MCO2 model:
- The inability to choose specific carbon projects for offsetting because carbon tokens are part of a pool of climate projects;
- The inability to get carbon credits back from tokens due to the one-way bridge model used;
- The announcement by Verra that such tokens have no environmental value.
