🗺️Web3 Sourcing Standard

Functional Unit of Carbon Markets

Although the Voluntary Carbon Market (VCM) has existed for more than 15 years, the lack of transparency coupled with limited pricing data has made it challenging for credit buyers to know whether they are paying a fair price, and for suppliers to manage the risk they take on by financing and working on carbon-reduction/removal projects. This has affected the progressive growth and efficiency the VCM was anticipated to achieve in terms of quality regulations, capital flow, accessibility, and widespread participation. The problem that exists today is that with a lack of focus on quality assurances and how to constantly innovate and improve them, pricing has become the main quality indicator for carbon credits.

However, we firmly believe that the core functional unit of the VCM is quality assurance and the trust it garners. Without confidence in the quality and integrity of credits, scaling up the VCM is not possible. We emphasize the importance of a highly critical and transparent carbon standard that combines efforts from leading 3rd parties involved in the most innovative and effective technologies available for carbon grading, remote sensing, and other validation methodologies. With a community-driven open-source carbon standard, we can periodically curate a framework that will ensure the continuous onboarding of high-quality and integrity credits to power the upcoming carbon credit network.

We initially aim to migrate carbon credits from off-chain registries to our meta-registry with confidence in already established standards (e.g. Verra Standard, Gold Standard, etc). Looking forward we envision that we can curate governance models for decentralized carbon standards that can screen and directly impact sustainability projects.