Tocos (Carbon is Money) is one of GreenBuzz’s newest partners. We caught up with Michael Eder to find out how their concept is deeply rooted in sustainable and revolutionary ideas – the world’s first currency that captures carbon dioxide from the atmosphere.
GB: What first prompted you to become a GreenBuzz partner?
Michael Eder: Tocos is a start-up in the sustainability solutions space. It was clear to us that we want and need to make connections with thought leaders and forward thinkers. GreenBuzz is exactly that. We were drawn to GreenBuzz because of the purpose-driven community wanting to make a difference and promote change. We appreciate the open and creative exchange with GreenBuzz staff and members, all pushing in the same direction together: bringing sustainability solutions of all sorts to life.
GB: We’ve met up at a few of our events – what has been your favourite so far?
Michael Eder: Having participated in GreenBuzz events since 2020, I had the opportunity to experience different event formats, starting with online events during the pandemic. I really enjoy the climate aperos. You get the opportunity to connect with a lot of people and learn about new ideas and innovative ideas through the quick-pitch format.
GB: How important is sustainability to you personally and Toco as a company?
Michael Eder: It is extremely important to me. Looking at global emissions data and where we stand today in terms of our planetary boundaries, I can’t help but being very worried about the planet future generations will inherit from us. We will be held accountable. It is my personal motivation to contribute as much as I can to a climate-stable world – a world that is more equal and just than it is today.
Tocos has been founded with the purpose of providing a solution to generate demand and funding for CO2 mitigation and environmental protection in a systematic way. With Tocos we want to provide people with a very accessible solution to support climate action in their everyday life. We want to inspire and collectively re-imagine the values and assets that our money is based on. Every person, every business can contribute significantly by using a carbon-backed currency like Tocos to buy their daily coffee, for example. In order to achieve significant levels of adoption and usage we need to engage with like-minded communities.
Image: Michael presenting the Tocos concept at a GreenBuzz event, June 2024
GB: Tell us about Tocos’ sustainability journey.
Michael Eder: Tocos is currently in its startup phase. As the organisation is maturing and growing, we’re committed to setting a science based net-zero target and reduce our carbon footprint in line with science. We’re also planning to become a B Corp as we’re expanding the organization.
GB: What sustainability challenges does your industry need to overcome?
Michael Eder: With Tocos we’re proposing to rethink how money works and to re-evaluate the underlying assets that are backing our money. As money is used everywhere and by everybody, Tocos is not really part of a particular industry. We want to invite people to re-imagine how we can link economic activity with environmental protection and carbon mitigation. Today, our current economic system is focused on growth and does not account for planetary boundaries and the negative impacts of increased concentration of greenhouse gas emissions in our atmosphere. Economists call this systematic shortcoming a “negative externality”. This negative externality can be addressed by using carbon reducing activities, in the form of carbon credits, as the underlying asset of our money. This is exactly what Tocos does, providing a direct link between economic activity and carbon reduction/avoidance. The more people and businesses use Tocos, the more carbon mitigation assets are needed to back the currency. More Tocos means more environmental protection and carbon mitigation is taking place.
In order to ensure integrity and transparency, The Carbon Reserve, the financial institution managing and issuing Tocos, is a non-profit organization registered in Geneva. All policies and governance principles are publicly available on the Carbon Reserve’s website.
GB: If you could make one change to make the world more sustainable, what would it be?
Michael Eder: I would wish for every person to be able to have a conversation with their (imaginary) future grandchildren’s children. I am convinced many people might make different decisions or would live their lives differently today, if they knew now what generations will know in the future.
If I can add a second, maybe more hands-on wish, I would wish for an upgrade in our economic model and evaluation of (economic) success. Shifting towards an economic model that centers global human and thus planetary wellbeing instead of focussing on economic growth, following the outstanding work of the Club of Rome and Kate Raworth’s concept of a donut economy.
Michael, thank you for your time!
