A new carbon-backed cryptocurrency – Klima – has garnered a valuation of over $100 million since its inception six months ago, accumulating a ‘treasury’ of over 11 million tons of CO2. The decentralized autonomous organization (DAO) aims to accelerate the price appreciation of carbon assets and thus drive climate ambition by increasing equity and accessibility within carbon markets. The concept works in a similar way to most cryptocurrencies, with a fixed number of Klima created by the organization from the outset. These can then be traded back-and-forth as a digital currency, while more Klima can be minted if economic activity increases within the system. What sets Klima apart is its attachment to carbon. Every Klima token is backed up by…