Considering the absolutely huge CO2/environmental impact of BTC and other proof-of-work cryptos, talking about a CO2-coin for the purpose of CO2 sequestration sounds like quite a joke to me...
But the whole point is that it's not a proof-of-work crypto, or at least not a proof of useless mathematical number spinning. It's based entirely on carbon capture.
There are non-proof-of-work cryptos already out there.
The more bitcoins you mint, the more carbon you can capture! Perpetual money machine!