How to buy carbon credits
March 29, 2023
To create a listing and sell carbon credits in the Marketplace, you first need to acquire tokens for a specific carbon offset project. There are two ways to do this in Carbonmark:
- Buying (redeeming) from a carbon pool
- Buying directly from a Marketplace seller
OPTION #1: Buy/redeem from a carbon pool.
1. Within the Marketplace, find a project you are interested in and click the project card to see the project details.
2. On the project details page, find the Carbon Pool listing and click "BUY".
3. During the beta phase of Carbonmark, we are leveraging the KlimaDAO retirement aggregator. At this point, you will therefore be directed to said retirement aggregator. The form will be pre-populated with the project you have selected. Note that in future releases, the retirement aggregator functionality will be migrated to Carbonmark.
4. If you are not already logged in to the KlimaDAO app, you will need to LOGIN / CONNECT using the same login and wallet that you are using in Carbonmark.
5. Once connected, enter the number of tonnes you would like to acquire.
6. Based on the quantity entered, the "Cost" and "You receive" fields will be populated. Use the "Payment method" drop down menu to select your desired payment method for your carbon credits (in this example, USDC is used).
7. Once you are satisfied with the form entries, click "APPROVE".
8. There are two approval steps to the transaction. First, you must give permission to the smart contract to transfer tokens on your behalf. Once that approval is complete, click "NEXT".
9. Finally, click "SUBMIT" to complete the transaction. Note that for both the APPROVE and SUBMIT steps you will need to interact with the wallet you used to login.
10. When the transaction has completed, you will receive a transaction complete success message and you can close the window.
11. In the Balances section of the app, you should now see your redeemed carbon token. In this example, we bought 1 tonne of C3T-VCS-849-2017. Note that you may need to refresh the page to see the updated Balances section.
12. Back in Carbonmark, return to your Portfolio page and you will see the carbon token(s) in your list. They are now available to RETIRE or SELL.
OPTION #2: Buy from a seller listing.
1. Within the Marketplace, find a project you are interested in and click the project card to see the project details.
2. On the project details page, see if the project has a Seller Listing. If yes, you can click "BUY" to purchase it.
3. On the Buy page, select the quantity of tonnes to purchase. The available tonnes are shown for reference.
4. Based on the quantity entered, the listing cost will be updated. If the form entries are correct, click "CONTINUE".
5. Next confirm the transaction and give permission to the smart contract to transfer tokens on your behalf. Click "APPROVE" and then "NEXT" once the approve transaction completes.
6. Now click "SUBMIT" to submit the transaction. Note that for both the APPROVE and SUBMIT steps you will need to interact with the wallet you used to login.
7. When the transaction has completed, you will receive a Payment Successful message, with an option to view the transaction on the blockchain (polygonscan). Click "VIEW YOUR ASSETS" to return to your Portfolio page.
8. On the Portfolio page you will see the carbon token in your list, now available to RETIRE or SELL.
Disclaimer:
The information provided in this blog post pertaining to KlimaDAO (“KlimaDAO”), its crypto-assets, business assets, strategy, and operations, is for general informational purposes only and is not a formal offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction and its content is not prescribed by securities laws. Information contained in this blog post should not be relied upon as advice to buy or sell or hold such securities or as an offer to sell such securities. This blog post does not take into account nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. KlimaDAO and its agents, advisors, directors, officers, employees and shareholders make no representation or warranties, expressed or implied, as to the accuracy of such information and KlimaDAO expressly disclaims any and all liability that may be based on such information or errors or omissions thereof. KlimaDAO reserves the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof. The information contained in this blog post supersedes any prior blog post or conversation concerning the same, similar or related information. Any information, representations or statements not contained herein shall not be relied upon for any purpose. Neither KlimaDAO nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this blog post by you or any of your representatives or for omissions from the information in this blog post. Additionally, KlimaDAO undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed in this blog post.