ReFi and the next phase of carbon credit trading

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PROJCT
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OVERVIEW

Projct joined the week long "Fostering the Future of Carbon Projects in Fairness and Equity” workshop held in Saly, Senegal, September 2–9, 2022. It was organized by Allcot and the Carbon Markets Fairness Foundation and EcoRegistry, Cercarbono, Senken, and Flowcarbon supported as well, with Projct facilitating the last day's concluding workshop. More than 50 people from Africa, Europe, and the Americas joined.

Africa will need to invest more than USD 3 trillion in mitigation and adaptation by 2030 to implement its Nationally Determined Contributions (NDCs), a significant portion of which will need to be channeled to West Africa. Analysis suggests that West African countries have received only 4.4% of global flows from major climate finance funds since 2006. Other developing countries are in a similar situation.


In this matter, the Carbon Market Fairness Foundation aims to build carbon market schemes that allow and ensure the equitable and fair distribution of market benefits among the participants involved in their projects. The aim is to ensure that these markets protect environmental integrity and are effective instruments to promote greater climate ambition and transparency.


To comply with the above, a workshop was held in Saly, Senegal where guests from the UNFCCC, public and private sector entities, and NGOs met. During the workshop, the group discussed the future of carbon markets and the foundation. Also, the participants had the opportunity to see different Allcot carbon projects, which are contributing to the sustainable development of West African communities. In this case, we are talking about a mangrove plantation on the Casamance River and the delivery of efficient cookstoves in four regions of Senegal (Tambacounda, Fatick, Kedougou, and Kaffrine).

"Fostering the Future of Carbon Projects in Fairness and Equity” workshop was held in Saly, Senegal, from September 2–9, 2022, and was organized by Allcot and the Carbon Markets Fairness Foundation. EcoRegistry, Cercarbono, Senken, and Flowcarbon supported this event, with the assistance of 54 people from different countries in Africa, Europe, and the Americas.
The main objective of this encounter was to discuss the importance of fairness and integrity in carbon markets, focusing on how these values are essential for projects related to mitigating greenhouse gas emissions. At the event, ideas on how to improve the development of fair carbon markets were discussed.
During the event, participants had the opportunity to see Allcot's ongoing projects in the country. They visited the Blue Carbon Mangrove Senegal project, which focuses on restoring mangroves in the Casamance and Sine Saloum regions. In addition, the guests met the Diola community at Allcot's most recent project related to the distribution of efficient cookstoves in different areas of Senegal.

The event finished with a three-day workshop focused on carbon market fairness, innovation, and technology. High-profile speakers such as Alexis L. Leroy; CEO and Founder of Allcot, Ousmane Fall Sarr; Allcot Business Development Advisor for West Africa, Patricio Lombardi; Secretary General of Carbon Markets Fairness Foundation, and Government representatives from some African countries, among other experts in the field participated in the seminar.

Design tech builds with local communities, then open source
As agents of change, and especially for those involved in the blockchain community, it is important to get closer to the local communities and design with them. A concrete next step is to set up community-based design session with blockchain developers as soon as possible and then open source the build after.

Get the incentives right!
With the proliferation of smartphones, also in Senegal, we should be thinking about points rewards and accessibility to crypto wallets and chains with low gas fees to incentivise communities. This should happen in co-creation with local communities as well.

Objective data capture helps financing
Investors are attracted to seeing impact. So capturing impact data will lead to more financing for the projects being captured. The more ‘objective’ this data is seen to be — for example from satellite imagery — the better the chance of financing.

Consider more contexts for cookstoves
People cook in cities, too, so we can target urban communities as well. The cookstove is sized for family meals but many cook for 10 or more. Can we use more innovative and sturdy material, even strings to hold when cooking seafood and oysters? Could cookstoves replace common ovens?  Effort can go into communications around use and ownership, perhaps a YouTube channel with videos of people sharing recipes and how they use the stoves. Visual online content is great for those who can’t read, but keep the language simple and easy to understand regardless.

Alternative energy sources and local manufacture of cookstoves
Powering the cookstoves with wood isn’t that sustainable and can have negative effect on health. Suggestions for alternative fuels included anything from cow dung to wind and solar. Cookstoves should be locally made and better quality, even electronic stoves battery powered to be able to cook at night.

Many other themes and ideas emerged, including:
Using eco friendly method to cut oysters from the mangrove
Don’t forget about flavor. Current ways of cooking fits the taste of communities — and that needs to be counted in.
$35 is actually quite expensive for a cookstove, considering the price of similar products such as low-end microwaves.

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