The ReFi Recap: Renoster reviews Open Forest Protocol's ARR methodology

Happy Friday!

In a follow-up to last week's edition, we learned this week that carbon project evaluation agency Renoster released its "pro bono" review of Open Forest Protocol's afforestation, reforestation, and revegetation (ARR) methodology.

Here's a snippet from Renoster's conclusion:

From the perspective of comparing OFP’s approach to other industry methodologies (namely that of Verra, Gold Standard, and the American Carbon Registry), we find the methodology to be extremely rigorous and free of conflict. We ultimately conclude that credits issued through this approach represent some of the best that are currently on the voluntary carbon market.

What does this mean?

For one, it's a solid vote of confidence that Web3-powered dMRV can produce high-quality removal credits. Projects working in the space that have yet to verify and issue their own on-chain credits can rest assured that it is in fact possible to produce a credit that is valued by the market.

It also inches us closer to a potential boon for the smallholders out there who typically wouldn't have been able to financially benefit from their climate-positive activity. High-quality credits fetch higher prices, which means more wealth transferred to the people and places most affected by climate change.

Of course, the nagging complexity of getting on-chain credits to off-chain buyers needs to be navigated. Closely related is the marketing question: How can we position on-chain ecological credits as both trusted and attractive? With collaboration all the rage in ReFi, one wonders if we would benefit from a decentralised version of a credit board that could market on behalf of all players.

All in all, with both Open Forest Protocol and Regen Network poised to issue tens of thousands of credits next year, this is an important space to keep an eye on.

You can read the rest of Renoster's review here:

Renoster's Review of Open Forest Protocol's ARR Methodology

The voluntary carbon market (VCM) is crucial for mitigating climate change, but its effectiveness heavily relies on the integrity and rigor of its methodologies. As more organizations seek to offset their carbon footprints, the standards and practices guiding these efforts become increasingly important.

https://www.renoster.co

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