Carbon Credit Trading: Blockchain Solving the Major Issue

Transcript

ladies and Gentlemen let's continue in this interesting topic and the next speaker is Dennis so Dennis floors yours thank you hi everybody my name is Dennis Creighton I'm the CEO and co-founder of impt um today I'm here to speak about carbon credit Trading blockchain as itself of the issue so some really interesting um presentation so far today one good thing I know is for the first time in four years the data is the same the statistics are the same and I think that's a good progression in itself um so what are the challenges at the moment in the carbon credit Market uh well it's very centralized it's very

fragmented and as a result of that it causes a lot of uncertainty about is it real um more and more companies are trying to make something um that is going to make a difference to everybody's Lives real at the moment it's exceptionally hired to access for individuals and there's a lot of apathy as to whether it's real or not and there's been too many cases of double accounting too many cases of scams too many cases of carbon credit has been sold up to 10 times over um so basically there's no credibility there's no transparency so that's a challenge when you're trying to get the day-to-day individual involves in actually wanting to make a difference

climate change um now the good thing is research for 22 showed that the most awareness ever in um in the world of carbon emissions uh is there from eight to eighty years of age everybody understands climate change that we have to do something about it just look at the heat wave across the world at the moment well where I come from in Ireland we haven't had a heat wave it's still raining but you know we'll we get our benefits in time um 37 billion tons of carbon emissions in 2022 the highest ever recorded so even though we're more aware than ever we've actually done really little to reduce it so a little bit on the carbon credit Market

the mandatory carbon credit Market is currently valued at 270 billion and growing the voluntary carbon Market 2 billion it's going to be worth 100 billion by 2030. the World Meteorological organization next five years climate change is directly linked to human behavior so you know that means we haven't really done much to address this carbon credits that can be created by any certified climate Action project that will reduce carbon emissions and the U.N carbon offset platform framework has become something that's far more useful and

beneficial than ever before and because we need standards and we we need traceability we need credibility it takes one carbon credits permits the emissions of one tone of carbon dioxide interesting uh conversation I had with one of the largest co-ops in America this year they approached us about trying to help them in reducing their carbon footprint and I said well what have you done with all your existing carbon credits in Sudan we didn't know how valuable they were and we sold them all to a big player five years ago and now they're in a position where they don't have enough carbon credits to meet their own requirements and they're having to buy carbon credits because they've sold their own so there's a lot of ignorance historically

I think in relation to the carbon credit market and what needed to be done so uh the volume carbon credit Market's Integrity initiative that's trying to help investors and what are the claims that they make about their carbon offsets are really credible or not the amount of green washing does has been exposed over the last number of years and continues to be exposed is pretty shocking but this is where I think some of the things that we can do on the blockchain will actually make this problem go away uh Vera has come up a number of times as one of the largest credit certifiers but their CEO recently had to resign because

they were exposed in an investigation where 90 of their rainforest carbon offices were worthless a number of large International Brands when you go online shopping and you were checking out and you were told that's you know you have helped contribute to x amount of offsets it was full was found not to be true so again the damage that something like that can do it gives a lot of ammunition to the naysayers about carbon emissions and carbon credits because there are plenty out there that don't believe this is an issue by the way um acno we need an increase of 360 billion per annum to cochranean gases by 2050. it's

currently standing a little bit under 100 billion that's a significant amount of money that's just for Europe and we saw some figures earlier on in relation to um the U.S as well and globally that we're talking four trillion by 2030. um I have a simple view on this right politicians their career policy they go out they meet every year they agree certain things that have to happen by 2025 2030 2050 well most of them won't be in power when it comes to happen a few will probably be dead and most of the initiatives tend to be driven around increasing taxation per country they're not addressing the root problem

and I think there's something that we can do about it and this is what what impt's utility has been about to try and make a change and make it simple because you have to make it simple otherwise people won't change I think we're seeing at a corporate level some great initiatives in relation to funding that's available the platforms that are available the Registries that are available on and the blockchain that will actually help this but how does that make it easy for us every day so what's impt doing about it um our project is over four years old but we only launched last um October three weeks before FTX crashed for like picking the time I did there right

um but we initially started out as a web 2 project and the whole principle behind what we're doing is that as part of your day-to-day shopping if you can earn free carbon credits um it's not asking you to do an awful lot but the planet is benefiting you are benefiting each and every one of us are benefiting so we said about um designing the the solution and realized very quickly the only way of doing this to bring credibility and speed of delivery was the blockchain so we developed our platform on the on blockchain um in February of this year we launched our platform we gave you the ability as a consumer just to buy carbon credits and a month later we our platform shopping

platform was was released and then in April of this year we launched our two apps IOS and Android and what we've done is we've linked um to thousands and thousands of affiliate Brands who in turn have millions of Brands so for instance if you look at the like of Amazon I think they have eight million Brands alone AliExpress I think of Circa 100 million um but if you're going around your day-to-day shopping and you just use our platform online I mean I think nothing we know that covert is a great service for digital um transformation getting more and more people onto online shopping everybody is

online shopping more than ever well as part of your online shopping if you do is our platform you're still going on to Amazon you're still getting whatever pair of Nike runners or whatever you wanted but in return you're getting back some impte points which are converted to impt tokens and those tokens can solely be used to get your free carbon credits and those three carbon credits then you have an option do you want to retire them which is what we're recommending people do do you want to hold them and see will they increase in value in the future or do you want to sell them on the open market which very few thankfully are doing but at the moment what we're finding is people are beginning to get an understanding that whether it's your Nike runners or BMW

have done a deal with us so if you pay 150 000 for a BMW you get back X percent in carbon credit tokens and I won't say that it's a zero neutral purchase but again it's every little bit helps and you have to start somewhere and that's what the utility of ympt is about making it easy for day-to-day people to actually go about their normal shopping patterns but in return get free carving credits um our biggest challenge at the moment is basically we're finding that web 2 users are struggling with the idea of blockchain I spend most of my time explaining to people that blockchain is in crypto

but in the eyes of many it is so what we're doing now is we're bridging web 3 to web 2 and recently a couple of weeks ago we launched our SAS product and our SAS product basically allows people to buy their rights to a country for impt or to a particular area and region um just pop and give an example of what this looks like because sometimes the visual element of it is what people want to see so you can go in you can pick any country you can pick any region and if it's green it's available so that'll show you that Ireland Portugal and Little Wayne you have just been bought we literally launched it last week and the idea is then if you want to go into a particular country so say we're in

France I speak France you can go in and you can look at all the areas and you can decide to buy the rights to impt in that area so what that means you can go to your local shop that doesn't actually even have a loyalty program a coffee shop and using our app will give you the ability to actually give back a small discount of the purchase price to the consumer and that then is converted into free carbon credits for you as part of your day-to-day purchasing it also brings a huge amount of alternate people onto the blockchain and it also brings a huge amount of alternate people that into having their own loyalty program so you know there's a call to action that has to be simple and we believe it has to be simple if you're going to want to get people to

adopt and do something that you need let's get back so um how do we ensure an element of The credibility well we tokenize the current credits that the the user receives in the form of an nft and the whole purpose of that is to ensure that it's Unique and stressable to you and that transparency I think is traceability I think is really critical and important and why the nft process um

we found it was the easiest way to actually ensure that it was unique to you as an individual I mean I have this Vision that is part of our rollout as we expand more and more across the world that's some of the projects that we fund as part of the carbon credits and projects that are in play is that we will actually get people on the ground creating bespoke nft artwork for us and that then becomes something that we'd be able to trade into the markets we want to get a lot more celebrities involved with those as well because this is just doing your day-to-day shopping so why wouldn't you want to get free carbon credits um so it gives you a transparency all the projects that we use are 100

verified and you know earning a free carbon credits which is where you're pretty confident a zero fraud associated with it you're doing your bit for climate action and each and every one of us should have a desire to become carbon neutral and this is the first step that we believe in in getting there so I think I've covered that already but you know it's the whole important thing here is according of of the transaction in relation to actually giving you a free Carbon credit is actually recorded on the under the blockchain and that prevents the duplication and the resetting of the carbon Credit in the open market after they're retired something that has been a problem so what can we do as an industry

um well green blockchain can definitely contribute to a more sustainable future so that should be a given and it's good to see that this is more topical than ever before I mean ethereums merge removed 99.99 of their carbon footprint yeah we're almost 100 but 99.99 that's why we we're built on ethereum because it makes complete sense and I think the shift as well to proof of stake over proof of work right as significantly reduced carbon um energy consumption as well um carabal asset tokenization that allows the industry to benefit from the traceability and security of the records and we've seen that in some of the presentations today right from generation to sale I mean at the moment

it can take up to two years to get a project verified which to me is not acceptable doing it on the blockchain it's very possible to do it within nine months um companies and organizations will be able to provide verified proof of their Caravan offset initiatives and I think that's pretty critical as well because at the moment what we've done is a b2c solution it should be a b to b2c and eventually a B2B solution that every part of your ecosystem every part of your supply chain does something little to reduce carbon emissions and then we start to see the benefit and I think from an industry it's about being aware and the spilled a positive appreciation of the blockchain because guess what it is here to stay a country

what a lot of people have been saying and I think the blockchain is the platform that will actually be transformational ensuring that carbon emissions are reduced quick thing on the team just to say that our background is a mix of Technology mix of Commerce a mix of loyalty programs and mix of blockchain I think the important thing that is what we're talking about here is blockchain and commerce and that is the thing that will make the difference going forward thank you [Applause] any questions foreign

how do you ensure that the um the carbon credits aren't backed by hot air no pun intended and at the moment we we Source tokenized carbon credits that have gone through the necessary standard and approval process in time we want to actually broaden the amount of projects that we're engaged with but there lies your biggest problem and biggest challenge so um it makes sense for us to actually take tokenized carbon credits at the moment problem with that is they're more expensive but there are some people that will be meeting here or today and tomorrow that have actually they're doing something to address that and that will give benefit to us as well thank you thanks for the presentation Dennis I

have a follow-up question there which standard are you sourcing tokenized carbon credits from and so at the moment most of our Focus has been working anything that has gone through the UN protocol and we had been looking at various standard but have pulled back from that for time being so we tend to look towards the gold standard but we want to broaden that as well and I think we're already seeing quite a lot of change in the in the open market to actually support what it is we're doing foreign what kind of Brands is the the SAS product targeted at and um given that with who have you already

kind of had interest from or signed up yeah great question um that's what we feel something is kind of pivotal in the last couple of weeks for us in that now companies are approaching us because historically we've just had a sales team constantly going out signing on Brands so that that awareness element of it is uh has been a good Turning Point um in relation to each of the countries and each of the areas and an area could be like a city broken into 10 areas it's a mix it's down to Summer consumer groups some are just normal people that say Hey this is a good idea I want to get into it some of them are people involved in the franchise market and I've got a distribution Network already in place and there's some people that just think it's a really good idea and

they want to roll the dice um not enough of I would say Global brands have embraced this yet um their model is very much on checkout you know donate 50 Cent donate a dollar and that isn't really going to address so what we want to do at the next stage of our development is on the btb stage is if anybody's using our platforms to shop with you well then you get recognition for generating that amount of of carbon credits but also you should start sourcing carbon credits to us as well okay thank you very much um we have no time for normal for more question but I think Denise will be available to answer your question outside the room

um thank you very much and uh that was a very subtle way to get off the stage [Applause]