Episode 175 - Open Forest Protocol - Redefining the Value of Nature with Verifiable Onchain Environmental Assets

In episode 175, we’re excited to welcome Michael Kelly, Chief Product Officer at Open Forest Protocol, an organization on a mission to create the highest integrity and most verifiable nature-based carbon credits, at scale. We discuss the Afforestation/Reforestation methodology behind OFP’s carbon credits, the role of blockchain in addressing the critical challenges in environmental asset markets, and how OFP actively involves local and Indigenous communities in climate projects. We also take a glimpse into the century-long vision that drives Open Forest Protocol’s work.

--Three Key Takeaways--

• There are about 1.5 billion hectares of land around the world that would be eligible for some type of environmental asset methodology – such as afforestation, reforestation, biodiversity conservation, etc. This provides exciting opportunities for growth in the sector, and for local communities to focus on positive environmental actions instead of extraction.
• OFP’s approach focuses on enhanced data reporting which is stored and verified on-chain. This data collection is driven by local communities who are collecting conservation data at regular intervals. This ensures all credits issues through OFP’s protocol can be verified, while also enabling local communities to start projects without having to go through extensive evaluation from an outside auditor. They simply begin by uploading data, getting their project verified, and turning their project into credits.
• “The nature of value is changing the value of nature”. Traditionally, extractive approaches have been much more profitable than conservation. This is due to incentive structures that place a greater value on extracting resources from land than by conserving it. By giving communities the power to generate income by engaging in positive environmental actions, it can help shift the balance and make conservation as profitable as extraction.

--Full shownotes with links available at--
https://www.cryptoaltruism.org/blog/crypto-altruism-podcast-episode-175-open-forest-protocol-redefining-the-value-of-nature-with-verifiable-onchain-environmental-assets

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--DISCLAIMER --
While we may discuss specific web3 projects or cryptocurrencies on this podcast, please do not take any of this as investment advice, and please make sure to do your own research on potential investment opportunities, or any opportunity, before making an investment. We host a variety of guests on this podcast with the sole purpose of highlighting the social impact use cases of this technology. That being said, Crypto Altruism does not endorse any of these projects, and we recognize that, since this is an emerging sector, some may be operating in regulatory grey areas, and as such, we cannot confirm their legality in the jurisdictions in which they operate, especially as it pertains to decentralized finance protocols. So, before getting involved with any project, it’s important that you do your own research and confirm the legality of the project. More on t