Paul Rowett, CEO of Toco joined us at Nordic Fintech Week 23

In our insightful discussion with Paul Rowett, CEO of Toco, during the vibrant Nordic Fintech Week, he elucidated how Toco, an initiative originating from South Africa, aims to revolutionize the way the world addresses carbon emissions. Paul emphasized the necessity of shifting our perspective on carbon and creating a carbon economy that incentivizes carbon reduction. Through a groundbreaking concept, Toco utilizes a blockchain payment system to transform carbon dioxide into a representative value for a currency, making carbon a utility for everyday transactions. The mechanics involve a proof of concept launched in Stellenbosch, South Africa, with thousands of people making carbon-offset transactions at local merchants. This transactional activity generates demand for carbon reduction and signifies an innovative approach to combating climate change. Furthermore, Paul detailed the expansion into Europe, particularly the Nordic region, as a strategic move to foster sustainable practices. The presentation’s intriguing title, “Capitalism 3.0,” alludes to Toco’s vision of reinventing capitalism by including nature in the monetary system, thereby catalyzing a transformation in how we value and exchange resources, particularly carbon. This philosophical perspective and innovative approach are driving Toco’s mission to address one of humanity’s most pressing challenges – climate change.