NBA champion Rick Fox has an ambitious plan to tackle the housing crisis while also combating climate change. As a co-founder of Partanna, a startup that produces carbon-negative concrete, Fox wants to use the carbon credits generated by his company to help subsidize down payments for homeowners.
Key Takeaway
Rick Fox’s concrete startup, Partanna, aims to use the carbon credits generated by its carbon-negative concrete to subsidize down payments for homeowners. This innovative approach not only addresses the housing crisis but also contributes to combating climate change by reducing carbon emissions. By partnering with investors, Partanna seeks to make affordable housing accessible in the Bahamas and beyond.
Providing Affordable Housing with Carbon Credits
Partanna’s innovative concrete blocks remove and avoid 14.3 kilograms of carbon from the atmosphere, resulting in the generation of valuable carbon credits. Fox envisions using these credits as a means to reduce the cost of acquiring homes built with Partanna’s concrete blocks. By partnering with organizations and individuals willing to finance the company, Partanna could allocate these credits towards supporting homeowners through down payment assistance.
The idea was born out of Fox’s personal experience following the devastating Hurricane Dorian in the Bahamas, where he witnessed the displacement of 30,000 citizens. As a native of the islands, he recognized the urgent need for a new approach to rebuilding communities. Recognizing the importance of development, Fox believes that it should also be accessible to his home country and other developing nations.
Collaborating with Partners and Investors
Scaling up Partanna’s efforts requires collaboration with investors, partners, and customers. In the field of climate technology, such partners may have ties to the oil and gas industry, a major contributor to the climate crisis. For instance, Red Sea Global, a real estate developer owned by Saudi Arabia’s Public Investment Fund, is one of Partanna’s early customers. Despite Saudi Arabia’s role as a significant oil producer, Fox emphasizes the positive impact Partanna can have on the country’s development.
Offering advice to other founders navigating similar partnerships, Fox emphasizes the importance of focusing on the common goal and mission. He believes that personal beliefs should not overshadow the pursuit of meaningful change. In the context of climate change, he suggests that the shared objective of addressing the way we build and minimizing pollution can help bridge cultural gaps and foster collaboration.
