（英文）行业资料 WEF - Recommendations for the Digital Voluntary and Regulated Carbon Markets 2023

Recommendationsfor

theDigitalVoluntaryand

RegulatedCarbonMarkets

BRIEFINGPAPER

MARCH2023

Images:GettyImages

Contents

Introduction

1Challengesfacingcarbonmarkets

2Recommendationsforthenextgenerationofdigitallynativecarbonmarkets

2.1Improvementofgovernance

2.2Anaccessiblemarketplace,productdefinitionandclarity

2.3Appliedtechnologyforradicalscalability

2.4Interoperabilityandtransparencyacrossexchangesandplatforms

3Thetimeisnow

Contributors

Acknowledgements

Endnotes

Disclaimer

Thisdocumentispublishedbythe

WorldEconomicForumasacontribution

toaproject,insightareaorinteraction.

Theviewsexpressedinthispaperare

thoseofthemembersoftheWorking

GrouponBlockchainCarbonCreditsas

partoftheCryptoSustainabilityCoalition,

listedbelow,andnotnecessarilythose

oftheWorldEconomicForumorits

Members,Partnersorotherstakeholders.

©2023WorldEconomicForum.Allrights

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andrecording,orbyanyinformation

storageandretrievalsystem.

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RecommendationsfortheDigitalVoluntaryandRegulatedCarbonMarkets2

March2023

RecommendationsfortheDigitalVoluntary

andRegulatedCarbonMarkets

Introduction

InordertomeettheParisAgreement’sgoaloflimitingtheglobaltemperatureincreasetobelow1.5°C,itisnecessarynotonlytoreducecarbonemissionsquicklybutalsotocontinuouslyremoveandstoreexistingandfutureexcessatmosphericcarbondioxide.Thiswillrequireabroadarrayofmitigationactivities,includingatransitionawayfromfossilfuels,emissionsreductionprogrammesandcarbonemissionsoffsettingthroughcarboncreditmarkets.1Attheircore,carboncreditsareafinancialtechnologythatenablescapitaltoflowtowardsavarietyofdirect,verifiableactionsformitigatingtheimpactofthechangingclimate.Manyjurisdictionsmanagecarboncreditingfororganizationsandmunicipalitiesviaregulatorybodies(theseareregulatedcarbonmarkets),whilemuchoftheprivatesectorparticipatesincreasinglyinvoluntarycarbonmarkets.Inthispaper,“carbonmarkets”referstoboth.

Carbonmarketshavecomeunderheavycriticismfortheirlackoftransparency,accessibility,equitabilityandquality.Despitebroadcorporateinterest,theyalsoremainunderusedandfragmented.Alongwiththiscriticism,andthe

growingdemandforeffectiveandhigh-qualitycarboncredits,thereisarenewedenthusiasmforapplyingemergingtechnologiesandnewapproachestoexpandthereach,credibilityandscalabilityofcarbonmarkets.However,significantworkstillneedstobedone.Thispapertouchesonthemyriadchallengesfacingcurrentcarbonmarketsandsuggestsanambitiouspathforwardsothattheycandeliverpositivelong-termenvironmental,socialandeconomicimpact.

Innovativetechnologicalandsocialinfrastructureplayequalrolesinenablingthenextgenerationofdigitalcarbonmarkets.Thispaperfocusesonemergingformsofdistributedledgertechnology(DLT)andtheirapplicabilitytocarbonmarkets,althoughthisisjustoneofthemanytechnologiesneededtofullyenableadigitallynativecarbonmarket.DLTallowscarboncreditstoberepresentedasuniversallyuniquedataentitiesinadigitalend-to-endenvironment.Doingsomakesitpossibletoverifyacredit’sprovenance,trackitssecondaryexchangeandretireitpermanently,withouttheneedforcentralizedintermediaries.

Theleadauthorsofthisbriefingpaperare:EvînCheikosman,Director,BlockchainLawforSocialGoodCenter,UniversityofSanFrancisco;PolicyAnalyst,CISA,WorldEconomicForum,USA(2020–2023);JoshKnauer,Co-Founder,ReSeed.farm;LaurenSerota,Advisor,Funga.

RecommendationsfortheDigitalVoluntaryandRegulatedCarbonMarkets3

1

Challengesfacing

carbonmarkets

Thesearethebiggestchallengestobeovercome:2

Lackoftransparency,integrityand confidenceinthemonitoring,issuance,sale,retirementandbenefitsdistributionofcarboncredits,aswellasinthird-partycertifications

Withoutauditabilityandvisibilityintothesupplychain,itisdifficultforbuyerstomakeinformeddecisions.Thisiswhereblockchaintechnologycouldplayarole,althoughsystemsthatuseblockchainstillrelyondatafromlegacysystemsandcanbedifficultfornon-expertstoauditandunderstand.3Manycurrentverificationbodieshaveopaqueandoutdatedprocessesandhavebeenslowtointegratenewtechnologiesthatcouldhelpscaletheentireonboardingandverificationprocess.Oneresultisthatcarbonbuyershaveahardtimedeterminingthequalityofthecreditstheyarepurchasing,andsotheymanagereputationalriskbyhiringintermediaries,whodriveupcostsandhavenoincentivetomakechangesandadoptemergingtechnologies.Thisstiflesmarketactivityandmakesitevenhardertomeetclimatetargets.

Thelackofastandardizedterminologyfordescribingcarboncreditsmakesithardforpotentialbuyerstocomparecreditsfromdifferentsourcesandconfidentlypurchasewithoutthehelpofintermediaries.Theuseoftheterm“token”(ratherthan“credit”)intheblockchainindustryhasonlyaddedtotheconfusionandhasraisedregulatoryconcerns.

participationincarbonmarketsbywomen,localcommunities,smallholderlandstewards,Indigenouspeopleandothervulnerablepopulations

Inaccessibility,inequityandlackof

Concentrationsofpowerandvulnerabilitiestocorruptionunderminethecredibilityofcarbonmarkets.Participationisprohibitivelyexpensiveandoperationallyintensive,makingitdifficultforevenwell-fundedcarbonprojectstogetofftheground.Thehighcostsassociatedwithlegacycarbonmarketparticipationmeanthatbillionsofsmallholderlandstewardsgloballyareexcludedfromthemarket.4DespiteclearguidancefromtheIntergovernmentalPanelonClimateChange(IPCC)5onsocialandenvironmentaljusticestandards,creditsbroughttomarketrarelyhave

anysocioeconomicimpactdataassociatedwiththem.Whileinclusionofthesemajoritypopulationsrequiresfundamentalshiftsinbusinesspracticesandgovernance,suchengagementandequitabledistributionofcorrespondingcarboncreditrevenuecouldbeautomated,documentedandmonitoredusingablockchain.

Insufficientscaletomeetclimatecommitments

Currentmeasurement,reportingandverification(MRV)methodologiesarenumerous,requiresignificantmanualwork,areslowtofollowandmeasureagainstandareoftenredundant.Manymethodologiesforthecollection,analysisanddistributionofdataremainnon-digitalandlackmachine-readableauditability.Thelackofaclearvaluestructureandmethodologicalinclusionofotherecologicalandsocioeconomicfactors–suchasbiodiversity,watershedprotectionandcommunityimpact–makeitevenhardertocreatemeaningfulimpactgiventhecurrentmarketdynamics.

RecommendationsfortheDigitalVoluntaryandRegulatedCarbonMarkets4

2

Recommendations

forthenext

generationof

digitallynative

carbonmarkets

Thefollowingpagesdetailrecommendationsfordevelopinganext-generationcarbonmarketinfrastructurethatpowersamoreefficientandtransparentenvironmentforprojectdevelopers,localpopulationsandbuyersalike.Foreachrecommendation,thereisanoutlineofwhatis

requiredandwhy.ThereisalsoananalysisofthepotentialforspecificapplicationsofDLTtofacilitatecoordinationofglobalanddiversestakeholders,andtheactivitiesrequiredtoseelarge-scaleclimateimpactfromthecarbonmarket.

2.1

Improvementofgovernance

Governanceofcarbonmarketsreferstotheprocessesandmechanismsbywhichcarboncreditsareissued,verifiedandtraded.Governancecanhaveasignificantimpactontheeffectivenessandcredibilityofcarbonmarketsandtheiroverarchingobjectiveofreducinggreenhousegasemissionsandpromotingsustainabledevelopment.Goodgovernanceofcarbonmarketsrequirestenetsoftransparencyandrigourofdata,meaningfulinclusivityanddiversityinparticipation,aswellasflexibilityandscalabilityofprocesses.

Promoteinclusive,equitableandtransparentgovernance.

Healthyenvironmentalsystemsneedhealthyhumansystems.Toenablebetter-informeddecisionsandaddressthecomplexchallengesposedbyclimatechange,governancemustbeinclusive,flexibleandmultidimensionalatalllevelsofengagement.Thisincludestechnologicalflexibility–governancemustsupportinclusive,informedandtransparentparticipation,bothonline(usingtechnologiessuchassmartcontractsandvideoconferencing)andoffline(munityroundtablesandothercommunityeducationefforts).Itiscriticaltoincludeprovisionsforequitableparticipation,safeguardstoprotectwhistleblowersandsanctionstopunishmaliciousactors.Governanceatscalemayrequireinvestmentsineducationandincludingstakeholderstoensurefullengagementinthesystem.

Includevulnerablepopulationsandwomen’sempowermentingovernanceandbenefitsharing.

Includingvulnerablepopulations6andpromotingwomen’sempowermentincarbonmarketgovernanceprocessesensuresequitabledecision-makinganddistributionofbenefits,enhancesthecredibilityandviabilityofcarbonprojectsandminimizesthenegativeconsequencesofdesignbyisolatedindustryplayersandsystems.Toencouragetransparentandinclusivegovernanceofcarboncreditprojects,itisnecessarytoensureequitablerepresentationoflandstewardsearlyinthedesignandimplementationprocess,aswellasinthecreationofpolicies,programmesandfunds.

Buildlocal/globalcapacitiesforparticipation,andindustrycapacitiesforunderstanding.

Incumbentpowerstructureshaveexcludeddiverseperspectives,bydesignorthroughignorance.Facilitationofdiversevoicesneedsmorethananinvitation.Itrequiresinvestment,theprovisionoftoolsandinformationtobringallrepresentativestothesamebaselineofunderstandingonvariedtopics,fromthecomplexitiesofcarbonmarketstotheintricaciesofIndigenouslandpractices.

RecommendationsfortheDigitalVoluntaryandRegulatedCarbonMarkets5

2.2

Digital

carboncredits

canenableunique

demand-sideuse

cases

Anaccessiblemarketplace,

productdefinitionandclarity

Effectivemarketscancreatetheconditionsfortheemergenceofdynamicandadaptableproductstosolvethechallengesfacingdiversestakeholders.Butthisfunctionalityispossibleonlyifpurchaserscaneffectivelydistinguishsignalfromnoise.Bringingthisclaritytocarbonproductsrequiresreducingobstacles,redundancyandconfusionwhilestreamlininganddefiningtheunderlyingbenefitstoclimateandsociety.

Ensurecarbonmarketsadoptacommonbaselinetaxonomytoprovideclarity.

Carboncreditsshouldhavestandardizedanddetailedlabelstoenableeaseofunderstandingandcomparability.7Importantnon-carbonattributes,suchasachievingtheSustainableDevelopmentGoals,8includingenhancedbiodiversityandmeaningfulcommunitybenefits,shouldbeclearlydefinedandeasilyidentifiable.

Expandcarbonmarketstoincludeefficientpricediscoveryandthecreationofinnovativenewfinancialproductsand“beyond-carbon”tradableassetsincludingfactorssuchasbiodiversity,socialvalueandIndigenousrights.

Digitalcarboncreditscanexpandthemarketbytradingonopenandaccessibleexchangesthathighlighttheauditabledata-backeddifferences

amongthecredits.Thispromisestoremovetheconsiderablefrictionanduncertaintysurroundingbuyingandsellingcreditsthatcurrentlyexists,toincreasevisibilityforpricediscoveryandmakeiteasiertofundthemarket’sexpansion.

Usean“end-to-end”digitalenvironment,includingDLT,toenableefficientdatacapture,analysisandauditability.9

Usingtechnology-baseddatacollectiontoolssuchasdigitaldecentralizedmeasurement,reportingandverification(MRV),andmakingsuchdataavailableinanopen-sourceandhuman-readableformat(e.g.onablockchain-basedledgerwithanon-technicalinterface),canresolvechallengesassociatedwithtrust,transparencyandinteroperabilityincurrentsystems.Thiscanleadtoenhancedconfidenceinthemarket,betterandmoreseamlessparticipationforbothsellersandbuyersandgreaterscale.

Digitalcarboncreditscanenableuniquedemand-sideusecases.Everydaypurchasescanmoreeasilyandcrediblyhavethecostoftheiremissionsbakedintotheirpurchase,asseenalreadywithairlinebookingsandsomee-commerceplatforms.Industriescanintegratetheretirementofdigitalcarboncreditsdirectlyintotheiroperationssothatemissionsarecompensatedforinrealtime,ratherthanonaquarterlyorannualbasis.

2.3

Appliedtechnologyforradicalscalability

Thisisanunprecedentedtimeintermsofthecapabilityandabundanceofsophisticatedtechnologies.Usingavailableandaffordableemergingtechnologiessuchasnear-fieldcommunicationdevicesandrobustLIDARsatelliteimaging,itispossibletoscaleinnovationsindigitallyrepresentingreal-worldassetswithintegrity.

Usedigitallynativecreditstosupportmoreautomationinvalidationandverification.

Theimmediateadvantageofdigitallynative10creditsovertheirpastiterationsisareductionintheoverheadexpensethroughacredit’slifecycle.Machinereadabilityandautomationfurthercontributetothestreamliningofprocesses.Oneexampleisthetranslationofprotocoldocumentationintoastandardsetofdatapoints,enablingthemonitoringofprotocoladherenceviaacombinationofdatafeedssuchassatelliteimageryorinternetofthings(IoT)sensors(ratherthanrelyingsolelyonconsultantsfromavalidationandverificationbodyphysicallyvisitingtheprojectsite).

Ensurebetteruseofemergingtechnologies.

Technologiessuchasadvancedremotesensing,artificialintelligenceandmachinelearningandIoTsensors,incorporatingauditablerecordswrittenbyDLT,areexamplesofcombiningemergingtechnologies,toolsandmodellingtohelpachievescale.Forexample,blockchainsandsmartcontractscansupportMRVasacoordinatedandrepeatableeffortacrossadiversegroupofsensorsandstakeholders.

Reducefrictionandincreaseconnectivitybetweenbuyersandsellers.

Digitallynativecarboncreditsimprovetheverifiabilityandtransparencyofcreditinformationbyprovidinganimmutablerecordofcreditprovenance,aswellasattachingcreditmetadata,suchasverificationreports,inmachine-readableformats.

Connectingbuyersmoredirectlytosellersreducesthenumberofintermediariesneededin

RecommendationsfortheDigitalVoluntaryandRegulatedCarbonMarkets6

themarketplace,thusremovingopportunitiesforextractivefeesanddeliveringahigherpercentageofrevenuetosuppliers,projectdevelopersandlandstewards.Amoredirectconnectiontomarketsmayalsoincreaseaccessformarginalizedpopulations,efficiencyandpricetransparency.

Prioritizetrustandtransparencythroughopen-sourceMRVprotocols.

Usingscalable,inexpensiveandeasilypeer-reviewedMRVprotocolscanhelpimprovecarbonmarkets’transparency,credibilityandeffectiveness.

Accesstoaschemainanopenformatallowsformoreinclusiveandtransparentdecision-makingfromallsectors,resultinginmoreimpactfulinterventionsandeffectiveclimatepolicies.Protocolsthatareeasilypeerreviewedcanhelpensuretheaccuracyandreliabilityofdataandbuildtrustandconfidenceinthemarket.

2.4

Interoperabilityandtransparencyacrossexchangesandplatforms

Theparticipationofadecentralizedanddistributedgroupofdiverseplayersoperatingonvastlydifferenttechnologiesbuildstrustinthevalidityofcarboncreditsandhelpsachievescaleinthemarkets.Marketplayersshouldconsiderthefollowingrecommendationstomaximizeinteroperabilityandtransparencyacrosstheindustry.

Buildforsystems,notsilos.

Openapplicationprogramminginterfaces(APIs)accessingblockchaindatahavethepotentialtoimproveverifiability,reducetransactioncostsand,toalesserdegree,addresstheconcernsofsomeprojects.Whilenotanewtrend,theavailabilityofwell-documentedandaccessiblepublicAPIsiscritical.Asindustries–especiallythosethathavebeenslowertoadopttechnology–undergodigitaltransformation,accessibleAPIsplayanimportantroleindeliveringtransparency,connectivityandinnovation.

Thereisalsoaneedtodevelopadatastandardthatharmonizesthedatapointsavailableforeachcarboncreditindifferentregistriesandenablesinteroperabilityacrossdifferentissuersofcarboncredits.11

Designforhowandwhyastakeholderwantstoconsumeyourdata.

UnderstandingwhyandhowthirdpartieswillconsumeyourdataiscriticaltoaffectingAPIdevelopment.Consider,asanexample,acarboncreditregistry.BydevelopinganAPIthatallowsathirdpartytointeractwithcarboncreditsmoredirectly,theregistrycouldestablishanautomatedcarboncreditusagereportingfunctionthat

automatesaprocessthatnormallytakesweeksandinvolvesmanualintervention.Appropriateuseofsmartcontractswouldminimizemanualreconciliationeffortsbetweendisparatesystemsbycreatingmachine-readableagreementsandauditabletrackingofcreditsthroughouttheirlifecycle.

Createdigitallynetworkedcarboncredits.

APIsplayanimportantroleinconnectingconsumers,devicesandservicesthroughthe

IoT.TheIoTcreatesmorecommunicationpointsamongdevicesandusers,requiringsecureAPIstoeffectivelyreceivedataandcreateledgerentriesfordataanalysisandtodriveinsights.

Forcarboncredits,thisenablestransparencythroughtheeffectiveuseofsensors,drones,etc.SellersofcarboncreditscouldusereadingsfromIoTdevicestodifferentiatetheircarboncreditsinacrowdedmarket,enablingbuyerstoviewforestsinrealtimeorreadsoil-sensordatatohighlightcarboncaptured.

Demandandbuildtowardsindustrystandards.

Asinfrastructurematures,standardsandestablishedwaysofworkingwillacceleratetherateandspeedatwhichnewcreditscometomarket.CollaboratingwithindustryworkinggroupssuchastheCryptoSustainabilityCoalition,12theCryptoCouncilforInnovation,13theBlockchainLawforSocialGoodCenter14ortheGlobal

BlockchainBusinessCouncil’sInterWorkAlliance15groupwillenablecarbonmarketparticipantstofurtherdrivestandardization.

RecommendationsfortheDigitalVoluntaryandRegulatedCarbonMarkets7

3

Thetimeisnow

Climatechangeisthegreatestexistentialthreatthathumanityfacesandmanyactionsareneededinresponse.Acomprehensivetransitionawayfromfossilfuelstoreduceemissionsisessential,asisthedrawdownofhundredsofgigatonsofcarbondioxide16fromtheatmosphere.Themainoutcomesthecarboncreditmarketsneedtofocusonare:thereductionofemissionsasquicklyaspossible,theprotectionofnaturalcarbonsinksandtheremovalofcarbondioxidefromtheatmosphere.Creditsissuedtocertifytheseoutcomesarefallingshort,withreduction,protectionandremovalcreditsachievinglessthan20%ofIPCCgoals.17

Disruptionofthelegacycarbonmarketsiscurrentlyoccurringasaresultoftheurgencyofsolvingtheproblem,combinedwiththeadvancesinemerging

technologiesthatcansupportnewtransformativesolutionsforengagingbroadercommunitiesofstakeholderswithgreatertransparency,efficiencyandequity.Emergingtechnologiessuchasblockchainarenotapanacea,butunderstandingtheirbenefitsandhowtheyworkenablesbroaderandmoreinformedexperimentationtohelpachievehumanity’sgoals.

Howeffectivelythepotentialsolutionstothisglobalexistentialthreatarenavigatedmaywelldeterminethefutureoflifeonthisplanet.Therecommendationsinthispaperonharnessingemergingtechnologies,empoweringgreaternumbersofpeopletoparticipateandcreatingequitableeconomicincentivescanhelpmeetthischallengeatscale.

RecommendationsfortheDigitalVoluntaryandRegulatedCarbonMarkets8

Contributors

Leadauthors

EvînCheikosman

Director,BlockchainLawforSocialGoodCenter,UniversityofSanFrancisco;PolicyAnalyst,CISA,WorldEconomicForum,USA(2020–2023)

JoshKnauer

Co-Founder,ReSeed.farm

LaurenSerota

Advisor,Funga

ContributingAuthors

GiselBooman

HeadofScience,RegenNetworkDevelopment

ClaudiaHerbert

ProductManager,CarbonDirect

RachelMaher

ProductOwner(2021–2023),OpsChainESG,Ernst&Young

AntoinetteMarie

Director,HeiferLabs,HeiferInternational

AdamShedletzky

DirectorofPolicy,FlowCarbon

Acknowledgements

MembersoftheCryptoSustainabilityCoalitionWorkingGrouponBlockchainCarbonCredits

LuisFelipeAdaime

FounderandChiefExecutiveOfficer,MOSS.Earth

SadiaAhmed

ClimateChange&EnvironmentStudioLead,

Deloitte

MarcusAurelius

CoreContributor,DataandStrategy,KlimaDAO

SrikrishnaBalachandran

Director,Recykal

SethBaruch

ChiefExecutiveOfficer,Carbonomics

GiselBooman

HeadofScience,RegenNetwork

KevinChristopher

Principal,RockbridgeVentures

DanaGibber

Co-FounderandChiefExecutiveOfficer,Flow

Carbon

ErinGrover

ImpactInvestmentAdvisor,AltaiDigitalCapital

AlexsandraGuerra

HeadofDemandandCo-Founder,Nori

JoyGuo

ChiefOperatingOfficer(2022–2023),CCToken

ClaudiaHerbert

ProductManager,CarbonDirect

AnirudhaJalan

Co-FounderandChiefStrategyOfficer,Recykal

JoshKnauer

Co-Founder,ReSeed.farm

LarryKopald

Co-FounderandPresident,TheCarbon

Underground

RenanKruger

ChiefTechnologyOfficer,MOSS.Earth

GregoryLandua

Co-Founder,RegenNetwork

JohnLee

GlobalManagingDirector,CapitalMarkets&Exchanges,Accenture

AnnaLerner

ChiefExecutiveOfficer,ClimateCollective

MarkLewis

ManagingPartner,TrailheadCapital

RecommendationsfortheDigitalVoluntaryandRegulatedCarbonMarkets9

ZhiliangLi

ChiefExecutiveOfficer,CCToken

RachelMaher

ProductOwner(2021–2023),OpsChainESG,Ernst&Young

AntionetteMarie

Director,HeiferLabs,HeiferInternational

DarenMcKelvey

HeadofCryptoPartnerships,Nori

RadhikaMoolgavkar

ProgramManagerSupplyandMethodology,Nori

CharlieMoore

HeadofCarbon&SustainabilitySolutions,Chainlink

Labs

TimothyRann

SeniorAdvisor,MercyCorps

LaurenSerota

Advisor,Funga

AdamShedletzky

DirectorofPolicy,FlowCarbon

JulianSommer

Co-Founder,Chairman,ChiefImpactOfficerandChiefFinancialOfficer,ToucanProtocol

KenWeber

HeadofSocialImpact,Ripple

AlasdairWere

DigitalInnovation,InternationalEmissionsTradingAssociation(IETA)

DarrenWolfberg

Founder,ChairmanandChiefExecutiveOfficer,BlockchainTriangle

SpecialthankstotheCISAteam,membersoftheCryptoSustainabilityCoalition,theCISASteeringCommitteeandExpertReviewers:

NicolasAlexander

HeadofPartnerships&Policy,Thallo

HayleyAnna

ProjectCoordinator,CISA,WorldEconomicForum,USA

SamAzad

ProductOwner,OpsChainESGatErnst&Young

TillemBurlace

RegionalLead,Africa1,WorldEconomic

Forum

BrynlyLlyr

HeadofBlockchainandDigitalAssets,CISA,WorldEconomicForum,USA

MicheleNeitz

FoundingDirector,BlockchainLawforSocialGoodCenter,UniversityofSanFrancisco

AlexanderNeumuller

ResearchLead,DigitalAssetsClimateAspectsatCambridgeCentreforAlternativeFinance,CambridgeJudgeBusinessSchool,UniversityofCambridge

StefanRenton

SustainabilityLead,PolygonLabs

YipThy-DiepTa

Co-Founder,UnitNetwork

TriciaWang

ExecutiveDirectorandCo-Founder,CryptoResearchandDesignLab(CRADL)

SheilaWarren

ChiefExecutiveOfficer,CryptoCouncilfor

Innovation

KieranWhite

Co-Founder&ChiefExecutiveOfficer,Return

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Endnotes

Pomeroy,Robin,“CarbonOffsets–HowDoTheyWork,andWhoSetstheRules?”,WorldEconomicForumAgenda,2September2023:

/agenda/2022/09/carbon-offsets-radio-davos/

.

“TheVoluntaryCarbonMarket:ClimateFinanceatanInflectionPoint”,WorldEconomicForum,17January2023:

/whitepapers/the-voluntary-carbon-market-climate-finance-at-an-inflection-point/

.

AuditingablockchainrequiresnavigatingtechnicalWeb3systemsandinterfaces;seePejlatowicz,Pablo,“DemocraticPrinciplesandtheStateofVotinginWeb3”,Medium,31January2023:

/cradl/democratic-principles-

and-the-state-of-voting-in-web3-e5ea00c0adac#:~:text=Need%20for%20voters,with%20blockchain%20voting

.

Knight,Aimée,“WhatIsaSmallholderFarmer?”,HeiferInternational,14April2022:

/blog/what-is-

a-smallholder-farmer.html

.

“WorkingGroupIIImpacts,Adaptatio