The First Open Carbon Credit Has Been Created on Open Forest Protocol

Why it is smart to start investing in the stock market?

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Should I be a trader to invest in the stock market?

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What app should I use to invest in the stock market?

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Is it risky to invest in the stock market? If so, how much?

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Tell us if you are already investing in the stock market

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Three years ago (early 2021), our core team set an ambitious goal of building an on-chain system to reshape and re-imagine how carbon credits and other environmental assets are created, managed, and offset. At a pivotal time for the future of our climate, and a crossroads for the voluntary carbon market, we believed that a more transparent, data-backed, and traceable paradigm could greatly accelerate the incentive to start a carbon development project and restor some of the remaining and endangered nature in our world.

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A little over three years since we started building the Open Forest Protocol, we are proud to announce that the first carbon credits - known as an Open Carbon Credit (OCC) - have been minted by the protocol mechanism for Celsia’s reforestation project in Colombia.

Why Are We Excited About This Accomplishment?

The OCC represents a new type of carbon credit. It lives on a blockchain - the NEAR Blockchain to be specific - and it contains within it the ID of the project that it was created on behalf of.

This project ID identifies the credit with the project, and as a result, all of the details that went into creating the credit:

Where the project is located.
When the project started.
What data the project has uploaded both past and present.
What methodology was used to calculate the carbon issuance.
The exact geo-located measurements, photos, and sample plot data of the project.
How validators voted on the data upload, and any comments from the validator discussion on the data.

With this credit live on NEAR, through the OFP wallet, it becomes tradable and retire-able to count as an offset.

Upon Retirement, a certificate (that is actually an NFT) is generated for the retiring account, from which the amount of Carbon sequestered is permanently associated with the disappearance of the OCC’s.

The end result: A credit that no longer exists upon retirement, and cannot be double counted or re-spent.

Importantly, all credits created on OFP are created ex-post, only after data proving the carbon sequestration has occured has been uploaded by the carbon development project and verified by the network. The current timer for every project is set to require a data upload every 6 months for the first two years, and every year thereafter.

As such, Celsia will be continuing to upload data on a regular basis for further credit issuance - assuming the data is verified as correct by OFP’s network of validators.

A New Era For Carbon Credits and Environmental Assets:

Open Forest Protocol is built around the belief that every carbon development project can issue a fully data-backed, transparent, and on-chain credit for optimal transparency and trust. Going forward, we will continue growing the pipeline of afforestation / reforestation carbon development projects on OFP, while also launching entirely new methodologies: Mangroves, Improved Forest Management, and Forest Conservation - Biodiversity to name a few on our radar.

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If you are interested in collaborating with OFP - as a carbon development project, validator, offtaker, or with your own custom methodology, don’t hesitate to reach out to us here!