Earlier this week, Mercy Corps Ventures published the results of a pilot it conducted with forest restoration company Forest Carbon.
The key takeaway? No Web3 marketplace, standard, or registry is yet mature enough to issue trustless credits that matched the quality of those produced by Forest Carbon.
This exercise revealed that while there are interesting applications out there, none were ready to issue trustless credits. Most were focused on either bridging credits or forward-selling credits, neither of which would address root issues in the market.
The report did specifically mention Open Forest Protocol (OFP) as having "viable capabilities" but lacking support for methodologies other than carbon removal.
Unlike the Renoster generally positive review of OFP's carbon removal methodology from a couple of weeks ago, this report paints a starker picture: there is much work to be done before Web3-powered ecological credit platforms can meet the standards of today's project developers and credit buyers.
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Making Impact
437.50
The number of hectares of Amazon and Angolan rainforest reforested by Carbify.
Carbify plants agroforestry systems in Brazil and Angola, with over 60,000 systems and 3 million trees planted. Each system, covering 12,5 to 30 square meters, includes diverse plants and trees. The main tree in each system is geotagged and recorded on the blockchain.
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