discussion / Emerging Tech  / 16 March 2023

NFTs for Carbon Credits

Dear all,

I write from the montane cloud rainforest of the Torricelli Mountain range in Papua New Guinea. My name is James Wareing and having qualified as a solicitor in London last October, I am now the finance manager at the Tenkile Conservation Alliance (TCA). 

TCA works with the 50 rainforest villages in an area covering approximately 180,000 hectares of low to mid-montane rainforest. New Guinea is the third largest expanse of tropical rainforest in the world after the Amazon and Congo. As the world realises the value of the carbon held in rainforests, TCA recognise the potential to harness this value for the benefit of conservation. This would also assist in staving off the consistent threat of deforestation, which principally comes from logging.

I would be keen to explore the possibility of using NFTs as a form of carbon offset token. The preliminary idea would be to assign each village an NFT, which the consumer would be able to purchase at a price reflective of the carbon stored in this village's land. Another option would be to sell NFTs for individual hectares of the forest. 

If anybody has any experience in this regard or has any tips, they would be gratefull received. 

Should you require any more information, please do not hesitate to get in touch.

Kind regards,

James Wareing

Finance Manager

Tenkile Conservation Alliance

Hi James - I'm working for Regen Network at the intersection of blockchain and ecosystem regeneration and am developing an Environmental Stewardship initiative that might be of interest. I'm also familiar with a lot of related work people are doing around the world, including projects focused on NFTs. I think NIHT Inc. is using or at least thinking about using blockchain tech for forest protection in PNG. There is a lot of innovation going on in this space, but there are also a lot of sketchy projects so navigating the options isn't all that straightforward. One of these days, it would be good to have a Wildlabs session on blockchain and conservation. Let me know how I can help.