{"id":"Vnlo5u5Pqdw","title":"What's Going on with ReFi - Frederic Fournier & Phil Fogel - Near Day at ETHDenver 2023","description":"Learn all about what's happening in the world of regenerative finance in the Web3 world with Fred Fournier of Open Forest Protocol and Phil Fogel of Flow Carbon.\n\nOpen Forest Protocol: https://www.openforestprotocol.org/\n\nFlow Carbon: https://www.flowcarbon.com/\n--\nJoin NEAR's community:\nWebsite: https://near.org/\nReddit:   / nearprotocol  \nDiscord: https://near.chat/\nMedium:   / nearprotocol  \nBlog: https://near.org/blog/\nTwitter:   / nearprotocol  \nGitHub: https://github.com/near  https://github.com/nearprotocol\nDev Docs: https://docs.near.org/\nCreate a wallet: https://wallet.near.org/create\nApps on NEAR: https://awesomenear.com/\nLearn to Build On NEAR: https://www.near.university/\nGrants & Funding: https://near.org/grants/\n#Blockchain #FutureisNEAR #NEAR #nearprotocol\n#nft #dao","channel_name":"NEAR Protocol","published_at":"2023-03-17T00:00:00.000Z","thumbnail_url":"https://img.youtube.com/vi/Vnlo5u5Pqdw/hqdefault.jpg","transcript_text":"great to be here yeah I guess we're going to say it it's going to be less of a show than the previous one um so we're going to talk about re-fight this morning with with all of you uh where we are with refi what is refi uh what we are doing in refi what are the the key uh nice things to be coming this year in refi so you will try to cover it all and of course we'll also cover a bit about the the carbon Market this is a topic at heart for feeling myself uh but first um yeah let's do a short intro field you want to go hello hi everyone I'm Phil Hogle I'm one of the co-founders of flow carbon flow carbon is building um blockchain infrastructure for the voluntary carbon Market we're building tokenization bridges that bring voluntary carbon credits onto blockchain as well as bringing building financing vehicles for carbon projects on chain thank you so I'm Fred I'm the co-founder and CEO of the open Forest protocol which is a measurement reporting and verification platform uh to for Forest project obviously where we provide the tech the necessary attack for the people on the ground to measure the forest their activities reported do the verification in this decentralized way and gain value from it in a in the form of carbon credits and that's why also we are partnering with amazing companies in this in this space the this new refi space so maybe we'll we'll do uh maybe an ask to the to the small crowd this morning um who actually have heard about refi already oh that's pretty good that's 80 cool okay so who is able to actually explain what refi is would you if you would you feel confident explaining that no one yeah one person okay cool so Phil I mean zero you want to shout it out okay I don't think we catch it all but uh found it about right I mean in general the idea behind refi is to create regenerative Finance so how do you create Financial systems and economic models that regenerate the planet and regenerate Humanity um anything and I also like to extend the definition to anything in the financial system that tries to remove extraction so anytime you have a financial system where there are intermediaries or entities that could be automated that currently are taking a large take rate that you can actually create a system that reduces that take rate that's a regenerative system as well because it's actually making the system more efficient and more effective and all of the things that we're doing on the intersection between climate carbon and web3 those are also regenerative systems that we're trying to build straight economic models for yeah thank you maybe then we can do a bit of a history on on refi because it's very new um so for us when we started our project back into the end of 2020 there was no mention of refi we're just you know doing our thing and eventually a year later 2021 was starting to be kind of an emergence of different companies different protocols doing different things in refi um mostly to this point around carbon but not only are we seeing more and more uh things towards you know waste towards plastic towards ESG awesome protocols and companies building on on those topics but uh yeah I think it would be great to actually explain also you know how we we came to you know work together uh that's that's that's kind of interesting right yeah for sure I mean it's a really interesting space that's been developing over the course of the last five or six years I think since the birth of you know non-bitcoin based blockchain people have been thinking about what other use cases can you build with them and how can you build impact use cases into blockchains and since 2017 there have been a bunch of projects that have actually been building at the intersection of carbon and web 3 but as you said it wasn't until 2021 that we actually saw an explosion of the space in fact at East Denver last year there was a climate X web 3 event and there were about 50 people there um yesterday we co-hosted a climate Summit and there were 499 people there so it would say 10 nearly a 10x increase in terms of the community and I imagine it's a similar increase in the size of the companies and protocols that are building in the space yeah I think that's that's super interesting what is also super interesting in refi is that it's a space where uh the the discussion are also taking place outside of the web play environment uh I I think you know that we're gonna see we are seeing that ourselves uh currently where because of what's happening in the common market because of the uh the transparency issues all those issues coming to to the real world that are discussed in the main media we are also now us as web3 companies being being more visible and that's actually super interesting because then the discussion is actually moving outside of the web so he's more of a discussion of impact how do we can actually change things for more transparency more impact uh and more engagement towards the climate yeah and it's really exciting to actually see a ton of investors coming into the space as well so you have a community that's growing you have protocols and builders that are growing into space and there are you know in the last couple months three dedicated refi Venture funds were came out some of the largest investors in the space are investing in refi a16z for example as well as Varian and a bunch of other big funds General catalysts are all investing in the space and paying attention to this space so it's really a growing space so we really welcome the everyone to sort of get involved in and see how we can build bigger and better regenerative systems yeah and I think um maybe it's the time to actually talk about a great announcement that was announced yesterday the the climate Summit and uh it's an announcement for near and for carbon so Phil take it away yeah so yesterday we announced that partnership with the near Foundation where we're going to be bringing carbon credits into the near ecosystem and that there's going to ultimately hopefully be protocol level offsetting that's done by the New York ecosystem near has already been audited and bought offsets in the past to make sure that it hit a carbon neutral level and now we're hoping to do that sort of at the protocol level so that it becomes embedded in the protocol and what's really cool about this is that what we're seeing happen across the entire web3 is that the core infrastructure of web3 and of l1s is actually baking carbon offsetting into them so they're actually going Beyond being carbon neutral going into being carbon negative and this is a really strong signal that's sent out that our core infrastructure has this regenerative element that's baked into it and so super excited to see near do this hoping that lots of other protocols out there start to bake in carbon offsetting directly into it and to that end one of the interesting things about this market and the carbon Market specifically is you know there have been a couple of attempted experimentation of tokenizing carbon credits over the course of the last five years and as we mentioned in 2021 there's sort of this Watershed event where a ton of carbon credits came on chain very quickly in the middle of you know basically at the height of the last Bull Run and it became very interesting and what happened was is that the Legacy carbon Market the existing standard bodies who issue carbon credits they took notice of this and they're like hold on what is this right and for people like me who have been in this space in sort of the Impact blockchain says for a while we've been having conversate we're trying to have conversations with these standards bodies to convince them that blockchain is the right technology stack for carbon credits and to help scale this market and for years that are that those conversations have fallen on deaf ears and all of a sudden they woke up and they said well what's going on here they put a pause on it and said we need to actually now look at this and what was really like frankly amazing about this is instead of saying well let's not do this let's stop it we're not exploring this the entire industry the three largest issuers of carbon credits that cover nearly 80 percent of all issuance of carbon credits actually is engaged in a formal process to say in the same way that they normally do for any sort of innovation and Technology to say okay how do we adopt this how do we build this and earlier this week um the second largest issuer of carbon credits gold standard actually put out its formal announcement that it is moving forward with tokenization of carbon credits in an official way what's like amazing about this is I don't know of any other industry in the world where the actual issuing bodies of an asset have come together and said we're going to study and figure out how to use blockchain technology to move our industry forward and to help scale it so this is a really massive event in the I think history of web 3 as well as certainly the history of the voluntary carpet Market yeah and and on top of that also what's super interesting to see is that um talking about common credits you know there are big issues on how they are data backed uh and today it's Rio pack so it's really hard to actually for from a buyer perspective and obviously for for near uh they've been there and on many other corporates and and maybe some of you in the room when you have ever tried to buy according credits it's almost impossible to actually know what you're buying and uh our you know our Peak here as you know a web 3 not only open Force protocol but it also different protocols building on on Wave three is to say now you can actually have everything that is data back so you can actually see what is happening from the data capture from the ground or from and there are many many you know companies building in that space we are obviously focused on on Forest for the moment because that's it's a big part of of how we can draw down carbon um for for addressing the the climate issue but I think that's super interesting to see because uh we we see as as fieldside you know that the usual standards moving to you know web3 we see new companies in Webster addressing the the OPEC or transparent issues with data backed credits so it's it's basically we see this kind of merge between those two industries how fast it's going to go and exactly how it's going to go that's still to be seen but it's really interesting to see that it's happening very fast actually so it's it's in the last in the last couple of months and and maybe a year yeah what I I think it's almost worth backing up for one second just to make sure everyone is on the same page about what a carbon credit actually is and how they get used so the way a carbon credit works is a project goes somewhere in the world and it does something that either prevents the emission of carbon into the atmosphere or actually removes carbon from the atmosphere so in the simple example of Forestry planting some trees trees absorb carbon and store it store that carbon so you can get a carbon credit issued for that the reason why you have a carbon credit issued for that activity is it makes it economically viable and the use case for carbon credit is that a polluter right generally speaking corporates and also individuals who are emitting carbon into the atmosphere can basically buy that carbon offset and use that to neutralize their emissions and this is part of you know in the race to Net Zero that we have to get to in terms of carbon emissions offsetting is part of a healthy diet so to speak of reducing your emissions but offsetting the balance and offsetting those things that are hard to admit and so if you now go back to thinking about what is a carbon credit fundamentally right carbon credit fundamentally is data applied to a policy framework or methodology that so you basically collect data on Source at the site of where you're doing your carbon project that says this is the amount of carbon in this year that is being captured or prevented from being emitted take that data submit it to a issuing body or a standard that applies that data to a policy framework and methodology and out the other side comes to carbon credit if you didn't already know this is a perfect use case for blockchain right where you have this transparency layer you have the data stored on chain and you can have sort of new and innovative ways of creating carbon credits and measuring and doing that measurement and verification the way open Forest is super cool so we've talked a lot about carbon but it's on not only about carbon refi is larger than carbon and I think one point to make also is that it's it's a growing space and it's also a space where we collaborate a lot together uh as an example when we started our project back in 2020 we were thinking about building a Marketplace because you know there were no marketplaces for on-chain common credits and then you know sometime later you know you have low carbon you have two can you have Tallow you have other companies building those amazing uh things that we can plug in uh so no need for us to actually build that that piece and so it's a space where collaboration is really at heart and just to give you an example there is now a collective called climate Collective um and I'm super happy uh to be here today and representing near because we are one of the first refined project on here but I'm seeing more and more projects coming to near but also you know for carbon now moving to near cello was kind of the the core the core L1 for refi in in the space back in the days but now we are seeing more movement and consolidation which is great because uh working together will actually bring us where we need to to be a lot faster and that's really you know the spirit of where we are today yeah the interoperability amongst chains is going to be a huge part of this especially because carbon credits are going to be created in different places they're going to be traded in different places they're going to be use cases in different places and so making sure that this almost base level asset is available in all ecosystems is super important and one of the reasons why it's super important to have this asset Unchained and to have it available everywhere is so that we can build financing vehicles on it so that we can bring the promise of defy to this market and really build an incredibly robust Capital Market for carbon credits essentially one of the first real asset you know off-chain assets to come on chain and build a capital markets around it we have that opportunity right now and the reason is is that we can take you know there's essentially over the course of the next decade or so there needs to be over a trillion dollars of financing put into carbon projects and in order to do that you have to create Structured Products and Credit Systems around these projects to get them early stage capital and doing that in a way that the normal Financial system can understand and underwrite risk and so the beauty of this is you can actually do this using forward contracts since you can take a forward contract basically the agreement to purchase from a carbon project their carbon credits when they are produced the same way that Airlines agree to buy airplanes 10 years from now as they're produced it's the same forward contract mentality and we can take those forward contracts and by the way this is done in other Industries all over the place including with airplanes and we can use those to back and build Structured Products around and by doing those forward contracts on chain where you have the delivery of the underlying what fulfills the contract as a token right a carbon credit being delivered to the smart contract that is that forward contract you now have that complete trustless State on top of that you can then take those carbon credits that were that investors put Capital into and sell them into a liquid Market that's also on chain and so you create this very elegant trustless self-executing deep Financial system that you can then take and build very complex derivatives on top of and if you're thinking about a trillion dollar market similar to like the mortgage-backed security Market at the end of the day it hopefully it'll be very easy to onboard large institutional Capital into this because they didn't ask the question in two before 2008 when they were investing in mortgage-backed security what databases all this information stored in now we're going to actually move that forward and say these are investable products for you where the database is transparent you actually can see where all the money is moving what derivatives are built on top of it and actually prevent some of the things that happened in 2008 from happening super cool so yeah I I think one point also to make uh beside the the voluntary Common Market is that there is a lot of room to build awesome solution with web3 I've been talking yesterday to many people having awesome ideas in different you know uh different aspect of what we can do to address climate sustainability governance and it's really a space where I invite you to you know deep dive I talk to people around and just learn about what's happening because of course us are addressing kind of the high level issues they're not the main issues but there are so many other issues to address you know on the on eventually on on on on the plastic side of things how to address you know the collection of plastic the waste how do you address the waste issues how do you address um eventually renewable energy with blockchain how you address all those different issues there is ESG Dao now building on near with a very consumer approach on how to rate products with an ESD approach so rating products is also something that is coming up so there's a lot a whole lot of things that we can build and near is really becoming the place to do that yeah the whole Space is incredibly exciting near is a great place to be building and some of the announcements coming out of near this week are just I'm super excited to see how that's going to help Propel this space forward same here thanks a lot for your your attention and uh have a great day thank you everyone okay","transcript_synced_at":"2026-11-04T03:50:57.977Z","segments":[{"start_seconds":0,"text":"great to be here yeah I guess we're going to say it it's going to be less of a show than the","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=0s"},{"start_seconds":7,"text":"previous one um so we're going to talk about re-fight this morning with with all of you uh where we are with refi what is refi uh","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=7s"},{"start_seconds":16,"text":"what we are doing in refi what are the the key uh nice things to be coming this year in refi so you will try to cover it","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=16s"},{"start_seconds":25,"text":"all and of course we'll also cover a bit about the the carbon Market this is a topic at heart for feeling myself uh but","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=25s"},{"start_seconds":34,"text":"first um yeah let's do a short intro field you want to go hello hi everyone I'm Phil Hogle I'm one of the co-founders of flow carbon flow carbon is building","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=34s"},{"start_seconds":43,"text":"um blockchain infrastructure for the voluntary carbon Market we're building tokenization bridges that bring voluntary carbon credits onto blockchain","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=43s"},{"start_seconds":50,"text":"as well as bringing building financing vehicles for carbon projects on chain thank you so I'm Fred I'm the co-founder","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=50s"},{"start_seconds":58,"text":"and CEO of the open Forest protocol which is a measurement reporting and verification platform uh to for Forest","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=58s"},{"start_seconds":66,"text":"project obviously where we provide the tech the necessary attack for the people on the ground to measure the forest their activities reported do the","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=66s"},{"start_seconds":75,"text":"verification in this decentralized way and gain value from it in a in the form of carbon credits and that's why also we","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=75s"},{"start_seconds":84,"text":"are partnering with amazing companies in this in this space the this new refi space so maybe we'll we'll do uh maybe","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=84s"},{"start_seconds":92,"text":"an ask to the to the small crowd this morning um who actually have heard about refi already","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=92s"},{"start_seconds":101,"text":"oh that's pretty good that's 80 cool okay so who is able to actually explain what refi is would you if you would you","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=101s"},{"start_seconds":110,"text":"feel confident explaining that no one yeah one person okay cool so Phil I mean zero you want to shout it","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=110s"},{"start_seconds":119,"text":"out","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=119s"},{"start_seconds":136,"text":"okay I don't think we catch it all but uh found it about right I mean in general the idea behind refi is to create regenerative Finance so how do","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=136s"},{"start_seconds":144,"text":"you create Financial systems and economic models that regenerate the planet and regenerate Humanity um anything and I also like to extend","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=144s"},{"start_seconds":151,"text":"the definition to anything in the financial system that tries to remove extraction so anytime you have a financial system where there are","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=151s"},{"start_seconds":158,"text":"intermediaries or entities that could be automated that currently are taking a large take rate that you can actually","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=158s"},{"start_seconds":166,"text":"create a system that reduces that take rate that's a regenerative system as well because it's actually making the system more efficient and more effective and all of the things that we're doing","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=166s"},{"start_seconds":174,"text":"on the intersection between climate carbon and web3 those are also regenerative systems that we're trying to build straight economic models for","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=174s"},{"start_seconds":182,"text":"yeah thank you maybe then we can do a bit of a history on on refi because it's very new","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=182s"},{"start_seconds":190,"text":"um so for us when we started our project back into the end of 2020 there was no mention of refi we're just you know","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=190s"},{"start_seconds":198,"text":"doing our thing and eventually a year later 2021 was starting to be kind of an emergence of different companies","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=198s"},{"start_seconds":206,"text":"different protocols doing different things in refi um mostly to this point around carbon but not only are we seeing more and more","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=206s"},{"start_seconds":215,"text":"uh things towards you know waste towards plastic towards ESG awesome protocols","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=215s"},{"start_seconds":223,"text":"and companies building on on those topics but uh yeah I think it would be great to actually explain also you know how we we came to you know work together","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=223s"},{"start_seconds":231,"text":"uh that's that's that's kind of interesting right yeah for sure I mean it's a really interesting space that's been developing over the course of the","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=231s"},{"start_seconds":239,"text":"last five or six years I think since the birth of you know non-bitcoin based blockchain people have been thinking about what other use cases can you build","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=239s"},{"start_seconds":247,"text":"with them and how can you build impact use cases into blockchains and since 2017 there have been a bunch of projects that have actually been building at the","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=247s"},{"start_seconds":254,"text":"intersection of carbon and web 3 but as you said it wasn't until 2021 that we actually saw an explosion of the space","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=254s"},{"start_seconds":261,"text":"in fact at East Denver last year there was a climate X web 3 event and there were about 50 people there","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=261s"},{"start_seconds":270,"text":"um yesterday we co-hosted a climate Summit and there were 499 people there","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=270s"},{"start_seconds":277,"text":"so it would say 10 nearly a 10x increase in terms of the community and I imagine it's a similar increase in the size of","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=277s"},{"start_seconds":285,"text":"the companies and protocols that are building in the space yeah I think that's that's super interesting what is also super interesting in refi is that it's a space","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=285s"},{"start_seconds":293,"text":"where uh the the discussion are also taking place outside of the web play environment uh I I think you know that we're gonna see we are seeing that","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=293s"},{"start_seconds":301,"text":"ourselves uh currently where because of what's happening in the common market because of the uh the","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=301s"},{"start_seconds":309,"text":"transparency issues all those issues coming to to the real world that are discussed in the main media we are also","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=309s"},{"start_seconds":316,"text":"now us as web3 companies being being more visible and that's actually super interesting because then the discussion","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=316s"},{"start_seconds":324,"text":"is actually moving outside of the web so he's more of a discussion of impact how do we can actually change things for more transparency more impact uh and","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=324s"},{"start_seconds":333,"text":"more engagement towards the climate yeah and it's really exciting to actually see a ton of investors coming into the space as well so you have a","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=333s"},{"start_seconds":341,"text":"community that's growing you have protocols and builders that are growing into space and there are you know in the last couple months three dedicated refi","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=341s"},{"start_seconds":349,"text":"Venture funds were came out some of the largest investors in the space are investing in refi a16z for example as","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=349s"},{"start_seconds":357,"text":"well as Varian and a bunch of other big funds General catalysts are all investing in the space and paying attention to this space so it's really a","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=357s"},{"start_seconds":364,"text":"growing space so we really welcome the everyone to sort of get involved in and see how we can build bigger and better regenerative systems","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=364s"},{"start_seconds":372,"text":"yeah and I think um maybe it's the time to actually talk about a great announcement that was announced yesterday the the climate","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=372s"},{"start_seconds":380,"text":"Summit and uh it's an announcement for near and for carbon so Phil take it away yeah so yesterday we announced that partnership with the near Foundation where we're going to be bringing carbon","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=380s"},{"start_seconds":389,"text":"credits into the near ecosystem and that there's going to ultimately hopefully be protocol level offsetting that's done by the New York ecosystem near has already","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=389s"},{"start_seconds":397,"text":"been audited and bought offsets in the past to make sure that it hit a carbon neutral level and now we're hoping to do that sort of at the protocol level so","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=397s"},{"start_seconds":404,"text":"that it becomes embedded in the protocol and what's really cool about this is that what we're seeing happen across the entire web3 is that the core","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=404s"},{"start_seconds":411,"text":"infrastructure of web3 and of l1s is actually baking carbon offsetting into them so they're actually going Beyond","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=411s"},{"start_seconds":419,"text":"being carbon neutral going into being carbon negative and this is a really strong signal that's sent out that our core infrastructure has this","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=419s"},{"start_seconds":426,"text":"regenerative element that's baked into it and so super excited to see near do this hoping that lots of other protocols out there start to bake in carbon","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=426s"},{"start_seconds":434,"text":"offsetting directly into it and to that end one of the interesting things about this market and the carbon Market specifically is you know there have been","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=434s"},{"start_seconds":443,"text":"a couple of attempted experimentation of tokenizing carbon credits over the course of the last five years and as we mentioned in 2021 there's sort of this","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=443s"},{"start_seconds":450,"text":"Watershed event where a ton of carbon credits came on chain very quickly in the middle of you know basically at the height of the last Bull Run and it","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=450s"},{"start_seconds":459,"text":"became very interesting and what happened was is that the Legacy carbon Market the existing standard bodies who issue carbon credits they took notice of","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=459s"},{"start_seconds":467,"text":"this and they're like hold on what is this right and for people like me who have been in this space in sort of the Impact blockchain says for a while we've been having conversate we're trying to","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=467s"},{"start_seconds":474,"text":"have conversations with these standards bodies to convince them that blockchain is the right technology stack for carbon credits and to help scale this market and for years that are that those","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=474s"},{"start_seconds":483,"text":"conversations have fallen on deaf ears and all of a sudden they woke up and they said well what's going on here they put a pause on it and said we need to actually now look at this and what was","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=483s"},{"start_seconds":492,"text":"really like frankly amazing about this is instead of saying well let's not do this let's stop it we're not exploring this the entire industry the three","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=492s"},{"start_seconds":501,"text":"largest issuers of carbon credits that cover nearly 80 percent of all issuance of carbon credits actually is engaged in a formal process to say in the same way","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=501s"},{"start_seconds":510,"text":"that they normally do for any sort of innovation and Technology to say okay how do we adopt this how do we build this and earlier this week um the second","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=510s"},{"start_seconds":518,"text":"largest issuer of carbon credits gold standard actually put out its formal announcement that it is moving forward with tokenization of carbon credits in","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=518s"},{"start_seconds":526,"text":"an official way what's like amazing about this is I don't know of any other industry in the world where the actual issuing bodies of an asset have come","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=526s"},{"start_seconds":534,"text":"together and said we're going to study and figure out how to use blockchain technology to move our industry forward and to help scale it so this is a really","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=534s"},{"start_seconds":542,"text":"massive event in the I think history of web 3 as well as certainly the history of the voluntary carpet Market","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=542s"},{"start_seconds":550,"text":"yeah and and on top of that also what's super interesting to see is that um talking about common credits you know there are big issues on how they are","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=550s"},{"start_seconds":559,"text":"data backed uh and today it's Rio pack so it's really hard to actually for from a buyer perspective and obviously for","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=559s"},{"start_seconds":567,"text":"for near uh they've been there and on many other corporates and and maybe some of you in the room when you have ever","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=567s"},{"start_seconds":574,"text":"tried to buy according credits it's almost impossible to actually know what you're buying and uh our you know our Peak here as you know a web 3 not only","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=574s"},{"start_seconds":584,"text":"open Force protocol but it also different protocols building on on Wave three is to say now you can actually have everything that is data back so you","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=584s"},{"start_seconds":592,"text":"can actually see what is happening from the data capture from the ground or from and there are many many you know companies building in that space we are","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=592s"},{"start_seconds":600,"text":"obviously focused on on Forest for the moment because that's it's a big part of of how we can draw down carbon um for for addressing the the climate","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=600s"},{"start_seconds":609,"text":"issue but I think that's super interesting to see because uh we we see as as fieldside you know that the usual","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=609s"},{"start_seconds":616,"text":"standards moving to you know web3 we see new companies in Webster addressing the the OPEC or transparent issues with data","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=616s"},{"start_seconds":624,"text":"backed credits so it's it's basically we see this kind of merge between those two industries how fast it's going to go and exactly how it's going to go that's","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=624s"},{"start_seconds":632,"text":"still to be seen but it's really interesting to see that it's happening very fast actually so it's it's in the last in the last couple of months and and maybe a year yeah what I I think","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=632s"},{"start_seconds":641,"text":"it's almost worth backing up for one second just to make sure everyone is on the same page about what a carbon credit actually is and how they get used so the way a carbon credit works is a project","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=641s"},{"start_seconds":650,"text":"goes somewhere in the world and it does something that either prevents the emission of carbon into the atmosphere or actually removes carbon from the","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=650s"},{"start_seconds":659,"text":"atmosphere so in the simple example of Forestry planting some trees trees absorb carbon and store it store that carbon so you can get a carbon credit","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=659s"},{"start_seconds":666,"text":"issued for that the reason why you have a carbon credit issued for that activity is it makes it economically viable and","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=666s"},{"start_seconds":672,"text":"the use case for carbon credit is that a polluter right generally speaking corporates and also individuals who are","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=672s"},{"start_seconds":681,"text":"emitting carbon into the atmosphere can basically buy that carbon offset and use that to neutralize their emissions and this is part of you know in the race to","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=681s"},{"start_seconds":690,"text":"Net Zero that we have to get to in terms of carbon emissions offsetting is part of a healthy diet so to speak of reducing your emissions but offsetting","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=690s"},{"start_seconds":698,"text":"the balance and offsetting those things that are hard to admit and so if you now go back to thinking about what is a carbon credit fundamentally right carbon","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=698s"},{"start_seconds":705,"text":"credit fundamentally is data applied to a policy framework or methodology that so you basically collect data on Source at the site of where you're doing your","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=705s"},{"start_seconds":714,"text":"carbon project that says this is the amount of carbon in this year that is being captured or prevented from being emitted take that data submit it to a","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=714s"},{"start_seconds":721,"text":"issuing body or a standard that applies that data to a policy framework and methodology and out the other side comes to carbon credit if you didn't already know this is a perfect use case for","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=721s"},{"start_seconds":730,"text":"blockchain right where you have this transparency layer you have the data stored on chain and you can have sort of new and innovative ways of creating carbon credits and measuring and doing","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=730s"},{"start_seconds":739,"text":"that measurement and verification the way open Forest is super cool so we've talked a lot about carbon but it's on not only about carbon","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=739s"},{"start_seconds":747,"text":"refi is larger than carbon and I think one point to make also is that it's it's a growing space and it's also a space","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=747s"},{"start_seconds":755,"text":"where we collaborate a lot together uh as an example when we started our project back in 2020 we were thinking about building a Marketplace because you","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=755s"},{"start_seconds":764,"text":"know there were no marketplaces for on-chain common credits and then you know sometime later you know you have low carbon you have two can you have Tallow","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=764s"},{"start_seconds":772,"text":"you have other companies building those amazing uh things that we can plug in uh so no need for us to actually build that","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=772s"},{"start_seconds":780,"text":"that piece and so it's a space where collaboration is really at heart and just to give you an example there is now a collective called climate Collective","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=780s"},{"start_seconds":788,"text":"um and I'm super happy uh to be here today and representing near because we are one of the first refined project on","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=788s"},{"start_seconds":796,"text":"here but I'm seeing more and more projects coming to near but also you know for carbon now moving to near cello was kind of the the core the core L1 for","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=796s"},{"start_seconds":806,"text":"refi in in the space back in the days but now we are seeing more movement and consolidation which is great because uh working together will actually bring us","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=806s"},{"start_seconds":814,"text":"where we need to to be a lot faster and that's really you know the spirit of where we are today yeah the interoperability amongst chains","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=814s"},{"start_seconds":823,"text":"is going to be a huge part of this especially because carbon credits are going to be created in different places they're going to be traded in different places they're going to be use cases in different places and so making sure that","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=823s"},{"start_seconds":832,"text":"this almost base level asset is available in all ecosystems is super important and one of the reasons why it's super important to have this asset Unchained and to have it available","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=832s"},{"start_seconds":841,"text":"everywhere is so that we can build financing vehicles on it so that we can bring the promise of defy to this market and really build an incredibly robust","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=841s"},{"start_seconds":849,"text":"Capital Market for carbon credits essentially one of the first real asset you know off-chain assets to come on chain and build a capital markets around","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=849s"},{"start_seconds":856,"text":"it we have that opportunity right now and the reason is is that we can take you know there's essentially over the course of the next decade or so there","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=856s"},{"start_seconds":865,"text":"needs to be over a trillion dollars of financing put into carbon projects and in order to do that you have to create Structured Products and Credit Systems","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=865s"},{"start_seconds":873,"text":"around these projects to get them early stage capital and doing that in a way that the normal Financial system can understand and underwrite risk and so the beauty of this is you can actually","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=873s"},{"start_seconds":881,"text":"do this using forward contracts since you can take a forward contract basically the agreement to purchase from a carbon project their carbon credits","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=881s"},{"start_seconds":889,"text":"when they are produced the same way that Airlines agree to buy airplanes 10 years from now as they're produced it's the same forward contract mentality and we","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=889s"},{"start_seconds":898,"text":"can take those forward contracts and by the way this is done in other Industries all over the place including with airplanes and we can use those to back","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=898s"},{"start_seconds":905,"text":"and build Structured Products around and by doing those forward contracts on chain where you have the delivery of the underlying what fulfills the contract as","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=905s"},{"start_seconds":913,"text":"a token right a carbon credit being delivered to the smart contract that is that forward contract you now have that complete trustless State on top of that","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=913s"},{"start_seconds":920,"text":"you can then take those carbon credits that were that investors put Capital into and sell them into a liquid Market that's also on chain and so you create","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=920s"},{"start_seconds":927,"text":"this very elegant trustless self-executing deep Financial system that you can then take and build very complex derivatives on top of and if","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=927s"},{"start_seconds":936,"text":"you're thinking about a trillion dollar market similar to like the mortgage-backed security Market at the end of the day it hopefully it'll be very easy to onboard large institutional","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=936s"},{"start_seconds":944,"text":"Capital into this because they didn't ask the question in two before 2008 when they were investing in mortgage-backed security what databases all this information stored in now we're going to","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=944s"},{"start_seconds":953,"text":"actually move that forward and say these are investable products for you where the database is transparent you actually can see where all the money is moving what derivatives are built on top of it","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=953s"},{"start_seconds":961,"text":"and actually prevent some of the things that happened in 2008 from happening super cool so yeah I I think one point also to make uh","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=961s"},{"start_seconds":970,"text":"beside the the voluntary Common Market is that there is a lot of room to build awesome solution with web3 I've been talking yesterday to many people having","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=970s"},{"start_seconds":979,"text":"awesome ideas in different you know uh different aspect of what we can do to address climate sustainability","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=979s"},{"start_seconds":986,"text":"governance and it's really a space where I invite you to you know deep dive I talk to people around and just learn","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=986s"},{"start_seconds":994,"text":"about what's happening because of course us are addressing kind of the high level issues they're not the main issues but there are so many other issues to","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=994s"},{"start_seconds":1002,"text":"address you know on the on eventually on on on on the plastic side of things how to address you know","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=1002s"},{"start_seconds":1009,"text":"the collection of plastic the waste how do you address the waste issues how do you address um eventually renewable energy with","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=1009s"},{"start_seconds":1017,"text":"blockchain how you address all those different issues there is ESG Dao now building on near with a very consumer","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=1017s"},{"start_seconds":1023,"text":"approach on how to rate products with an ESD approach so rating products is also something that is coming up so there's a","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=1023s"},{"start_seconds":1032,"text":"lot a whole lot of things that we can build and near is really becoming the place to do that yeah the whole Space is incredibly","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=1032s"},{"start_seconds":1040,"text":"exciting near is a great place to be building and some of the announcements coming out of near this week are just I'm super excited to see how that's going to help Propel this space forward","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=1040s"},{"start_seconds":1049,"text":"same here thanks a lot for your your attention and uh have a great day thank you everyone","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=1049s"},{"start_seconds":1057,"text":"okay","url":"https://www.youtube.com/watch?v=Vnlo5u5Pqdw&t=1057s"}],"youtube_url":"https://youtube.com/watch?v=Vnlo5u5Pqdw","url":"https://near-pedia.xyz/videos/Vnlo5u5Pqdw"}