We’re crowdfunding the development of ClimateDAO: a platform for crowd-sourced investor activism. Backers will receive $CLIMATE, a utility token that acts as a passport to the ClimateDAO community, events, airdrops and more.
We are raising 10 ETH in exchange for $CLIMATE tokens. Owning 100 $CLIMATE (equivalent to .1 ETH) will be a prerequisite for entry into ClimateDAO. Holders of $CLIMATE tokens will also be eligible for a set of URL and IRL perks, including speaking events with leaders in the Climate Action space. $CLIMATE token holders will also have privileged access to utility tokens on ClimateDAO’s platform (pending regulatory approval).
Pooling capital from investors will allow ClimateDAO’s members to have a seat at the table in shareholder meetings and influence companies’ strategies via proxy voting, shareholder proposals, and engaging members of the board.
Since its founding, Exxon Mobil has released more than 40 billion metric tons of carbon dioxide into the atmosphere, making it the sixth largest corporate contributor of greenhouse gases in the world. With a 250 billion dollar market cap, Exxon is well-equipped to lobby against climate science, launch misinformation campaigns, and outlast bad press from the occasional oil spill.
Despite this, Engine No 1, an activist hedge fund, rocked the oil industry by placing three climate-focused directors on ExxonMobil’s board. Through shareholder activism, Engine No. 1 got Exxon to scale back long-term oil production targets and account for the social cost of carbon.
At a high level, shareholder activism is when the owners of a company’s stock, its shareholders, pressure management to change a company’s operations. ClimateDAO was born to tackle climate change through shareholder activism. By purchasing shares in a public company, ClimateDAO will have the leverage to encourage it to take actions to mitigate climate change (divesting from fossil fuels, decreasing emissions, etc.)
What Engine No.1 did with Exxon was brilliant, but it’s only the beginning. People can leverage their stock ownership and coordinate on a massive scale to align the actions of corporations with the values of the owners themselves. Companies have already started to align their actions with consumers’ values, at least in theory. Poland Spring advertises 35% less plastic, Hershey Bars are Fair Trade Certified, Facebook donates to election integrity. Unfortunately, these efforts are often just for show and are not driven by the owners of the company, only the marketing department.
There’s a long list of companies failing to recognize the urgency of climate action, prioritizing short-term financial gain over our collective long-term welfare. We’re going to remind those companies who their owners are. Part of the beauty of DAOs is that the managers and the owners are the same people. Incentives are aligned and a more direct democracy can prevail. In other words, Public Companies are DAOs and It’s Time To Ape.
Contributors to this crowdfund are helping to fuel ClimateDAO’s operations, and for that we are immensely grateful.We will use funds raised here to develop the ClimateDAO platform and pay contributors, legal fees, and gas fees [more details here]. If you want to learn more about us check out our website and our white paper.
For those who believe in our mission but do not have the financial capital to contribute, we are issuing a bounty. As we attempt to democratize investor activism for everyone affected by climate change, the last thing we want to do is leave anyone out of the loop. To be eligible for 100 $CLIMATE, participants may do the following:
DAOs are still getting off the ground, as is this project. We wanted to keep this crowdfund brief, while at the same time being available to answer any and all questions that readers may have about ClimateDAO: its goals, operations, legal structure and everything under the sun. More details about the project are available in the white paper; otherwise, feel free to post questions in our discord.
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