Is IUCN Coin “shaping a greener future”? Is it really “aligned closely with the International Union for Conservation of Nature”?

Or is it just yet another scam from an industry riddled with scams and frauds?

Last month, a company called IUCN Coin Ltd put out a press release with the headline “Shaping a Greener Future: IUCN Coin’s Environmental Mission”. The company explains that, “the emergence of IUCN Coin marks a significant chapter in the ongoing narrative of sustainability”.

Apparently IUCN Coin is “set to redefine the intersection of cryptocurrency and environmental responsibility”. IUCN Coin offers “individuals and organizations an unprecedented opportunity to invest in a greener future”.

And IUCN Coin “empowers users to actively participate in the reduction of carbon emissions”.

Predictably enough, IUCN Coin relies on carbon credits for its claims about reducing emissions:

One of the standout features of IUCN Coin is the issuance of carbon credits to users who invest in these projects. These carbon credits represent tangible and valuable proof of one's commitment to environmental sustainability. Moreover, they can be used to offset greenhouse gas emissions, thus contributing to the overall reduction of carbon footprints.

IUCN Coin claims to be “aligned closely with the International Union for Conservation of Nature (IUCN)”. And IUCN Coin therefore “leverages a vast network of experts and organizations to drive environmental progress”.

REDD-Monitor wrote to IUCN (twice, more than one month ago) to ask them to confirm whether IUCN Coin has anything to do with the International Union for the Conservation of Nature. I also asked what actions IUCN will take if IUCN Coin has no links to IUCN.

But answer came there none.

Here are some of the red flags raised by IUCN Coin Ltd.

The company, IUCN Coin Ltd was incorporated in the UK on 7 November 2022. Since then, the company has had three registered offices:

I’m just guessing, but I reckon if IUCN were to set up a cryptocurrency, the registered offices wouldn’t be someone’s home.

IUCN Coin Ltd’s website was created on 9 April 2023. On the website, under the question “What is IUCN Coin” (without a question mark) is a statement cut and pasted from UNEP’s website. The statement says nothing about IUCN Coin, but describes what IUCN is.

Next to the statement is an IUCN video from 11 years ago.

Below the statement is a green button with the words “Leanr Now” [sic]. Clicking on the button takes you to the “Create an account” page:

The IUCN Coin website states that,

Under the banner of IUCN Coin, we aim to pioneer projects that make a real-world difference. From supporting clean energy systems and preserving biodiversity to combating climate change head-on, our projects embody our commitment to both environmental preservation and sustainable revenue generation.

But there is no information about where these projects are, or under which carbon certification scheme the carbon credits will be verified and validated. In fact, there is no information at all about these projects.

At the bottom of its website, are links to “Policy” and “Terms”. Clicking on the links leads to the following:

Once again, I’m just guessing, but I reckon if IUCN were to set up a cryptocurrency, it would get someone competent to check the website before it was launched.

In its press release, IUCN Coin states that,

IUCN Coin introduces a groundbreaking concept - carbon credits. These credits offer a dynamic solution to combat greenhouse gas emissions, allowing individuals and businesses to offset emissions from various activities.

It’s almost as if no one had ever thought of carbon credits before. The reality is that carbon offsets have been around for 35 years. And it’s almost as if carbon credits were not controversial, which, of course, they are.

Similarly, IUCN Coin’s White Paper makes no mention of any of the problems with the voluntary carbon market that a series of investigative reports have exposed in recent months. Instead, the White Paper states that,

REDD+ credits, which aim to tackle deforestation, grew by 280% between 2020 and 2021. These credits provide financial incentives for the preservation and restoration of forests, helping to prevent deforestation and reduce carbon emissions.

In fact, the price of nature-based carbon offsets has fallen from a high of more than US$18 in January 2022 to less than US$1 today.

The logo. Seriously? Who at IUCN would allow a cryptocurrency to be launched with a logo like this? IUCN’s logo is on the left, IUCN Coin’s logo is on the right:

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