Crypto Altruism Podcast Episode 175 - Open Forest Protocol - Redefining the Value of Nature with Verifiable Onchain Environmental Assets
In episode 175, we’re excited to welcome Michael Kelly, Chief Product Officer at Open Forest Protocol, an organization on a mission to create the highest integrity and most verifiable nature-based carbon credits, at scale. We discuss the Afforestation/Reforestation methodology behind OFP’s carbon credits, the role of blockchain in addressing the critical challenges in environmental asset markets, and how OFP actively involves local and Indigenous communities in climate projects. We also take a glimpse into the century-long vision that drives Open Forest Protocol’s work.
Three Key Takeaways
There are about 1.5 billion hectares of land around the world that would be eligible for some type of environmental asset methodology – such as afforestation, reforestation, biodiversity conservation, etc. This provides exciting opportunities for growth in the sector, and for local communities to focus on positive environmental actions instead of extraction.
OFP’s approach focuses on enhanced data reporting which is stored and verified onchain. This data collection is driven by local communities who are collecting conservation data at regular intervals. This ensures all credits issues through OFP’s protocol can be verified, while also enabling local communities to start projects without having to go through extensive evaluation from an outside auditor. They simply begin by uploading data, getting their project verified, and turning their project into credits.
“The nature of value is changing the value of nature”. Traditionally, extractive approaches have been much more profitable than conservation. This is due to incentive structures that place a greater value on extracting resources from land than by conserving it. By giving communities the power to generate income by engaging in positive environmental actions, it can help shift the balance and make conservation as profitable as extraction.
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Episode Time Stamps
02:30 - What was your “Ah hah” moment that first got you excited about cryptocurrency/web3?
03:45 - Can you please give listeners an intro to the mission of Open Forest Protocol?
05:00 - Tell me more about the Afforestation/Reforestation Methodology behind your carbon credits.
08:00 - What are some of the challenges that exist in legacy carbon markets, and how can blockchain help address these issues?
10:15 - One of the challenges with implementing climate projects, is ensuring that local and Indigenous communities play an active role in the project. Tell me more about how you engage communities in the design and implementation of projects?
12:20 - Over the last 3.5 years, OFP has undergone a lot of evolution and is now looking to onboard projects to launch their own assets on the protocol and use it as a verification protocol. Tell me more about this and how projects can get involved?
16:30 - I’d love to hear about the impact that Open Forest Protocol has had – tell me about some of the projects launched on OFP and the overall global impact.
19:35 - The OFP Atlas is a great way to see the impact in real time. Tell me more about the Atlas.
21:30 - Let’s fast forward to the future. I understand that OFP has a century long vision of what you’re trying to build. Tell me more about this vision.
32:45 - What’s the best way for listeners to get in touch and learn more about The Open Forest Protocol?
33:45 - To wrap things up, if you could name one thing that excites you most about the social impact potential of web3, what would it be and why?
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DISCLAIMER
While we may discuss specific web3 projects or cryptocurrencies on this podcast, please do not take any of this as investment advice, and please make sure to do your own research on potential investment opportunities, or any opportunity. We host a variety of guests on this podcast with the sole purpose of highlighting the social impact use cases of this technology. That being said, Crypto Altruism does not endorse any of these projects, and we recognize that, since this is an emerging sector, some may be operating in regulatory grey areas, and as such, we cannot confirm their legality in the jurisdictions in which they operate, especially as it pertains to decentralized finance protocols. So, before getting involved with any project, it’s important that you do your own research and confirm the legality of the project. More available HERE.
