The value of forest-related Nature-Based Solutions (NBS) is expected to reach a whopping US$800 billion in annual revenues by 2050, with the acceleration of regenerative economies only gaining momentum. Given the proliferation of emerging global markets, the standards and transparency of these systems is key to building a sustainable and scalable future. Senken and Open Forest Protocol are teaming up to bring the world’s first free, open, and transparent Measurement, Reporting, and Verification standard to this marketplace.
It is increasingly difficult for verifiers to access and authenticate data collected, creating a risk of unreliability and distrust in the effectiveness of Nature Based Solutions and the credits generated. OFP believes that emerging technologies such as blockchain will address the problem of accurate and traceable data through ground truth.
When a carbon credit is purchased through the Senken platform, that credit will be accompanied by an immutable stamp of approval starting from the truth of natural value. Forest projects operating with Senken now have access to the Open Forest Protocol MRV, ensuring that every tree, forest, and community they serve has a permanent record of forest data. Open for the world to see and admire, understanding the true impact of our natural world is at our fingertips, and now at the heart of evolving carbon markets.
“Carbon markets are becoming more transparent with Web3. We are pleased to be working with OFP, a true dMRV pioneer, to provide verified on-chain credits from Senken in a user-friendly end-to-end solution.”- Adrian Wons, CEO and Co-Founder of Senken
“We are eager to partner with Senken to bring prime transparency and value to an emerging global market. Our MRV standards alongside the Senken platform will aim to enhance accurate data verification for every single project in a collaborative manner.”- Frederic Fournier, CEO of Open Forest Protocol
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Senken has built the world’s first climate finance platform for the trade of on-chain carbon credits. The Senken Marketplace enables transparent investments in tokenized carbon credits from verified climate projects. The projects underlying the credits can be effortlessly queried and compared. The corresponding project credits can be bought, traded, and used to offset carbon emissions. Credibility and trust are guaranteed by a decentralized on-chain infrastructure that stores all accruing information along the value chain of climate projects.
About Open Forest Protocol
Open Forest Protocol (OFP), is an open platform allowing forest projects of any size, all over the world, to measure, report and verify their forestation data. Through OFP, individuals, groups, NGO’s, entrepreneurs and even governments create transparent, immutable, proof-of-impact data that is comprehensively verified by a network of independent experts. OFP is creating the foundation for more inclusive, more scalable, and more data-backed financing mechanisms for nature-based climate solutions.