Earn Carbon Credits With Actions (via CoMakery)

Team Name: CoMakery Nightshift

Participants: Noah Thorp, Ryan Morris

Contact: noah@comakery.com Mentors: Martin Wainstein

Node: Remote

Discord channel: #earn-carbon-credits-with-action https://discord.gg/AJ7xGr

Main GitHub repository: https://github.com/CoMakery/comakery-carbon-credit

Demo

Summary

Earn ERC20 tokens backed by notarized carbon offset credits for direct actions that reduce carbon emissions. Compound the value of carbon credits by investing carbon credits in other carbon offset projects that create more carbon offsets.

Motivation

  1. Problem: People need a direct way to both know how to take direct climate action and to connect with larger projects.

  2. Compounding Climate Investment: By reinvesting carbon credits into additional carbon offset projects the benefits of carbon credits compound. For instance an individual can purchase carbon credits to offset their airfare and instead of retiring them, they can invest the credits to pay people to plant trees to sequester carbon for a carbon sequestration farmer.

Demo Project

  • Example of CoMakery project where you can earn carbon credits here

  • Tasks you can work on for carbon credits here

Demo ERC20 Certified Carbon Offset Backed Token

  • ERC20 contract backed by carbon credits deployed to mainnet here

  • Dapp for interacting with the ERC20 carbon credit contract here

Demo of Notarized Carbon Offset Stored In IPFS

  • Certificate of carbon offset stored on decentralized file storage (IPFS) with a unique file specific hash here

How The ERC20 Token Works

Here's how it works:

  1. The project admin purchases carbon credits from a certifier such as Gold Standard

  2. The project admin upload the certificate purchase details to IPFS using a service like Pinata and gets the file address called the ipfs Hash. For example: the ipfs hash QmUEGNbwdjLjk7C2hh2WDFwkNjixszwH3B1sFWqLseXTPi can be used to look up a certificate receipt at any ipfs gateway like https://gateway.pinata.cloud/ipfs/QmUEGNbwdjLjk7C2hh2WDFwkNjixszwH3B1sFWqLseXTPi or https://cloudflare-ipfs.com/ipfs/QmUEGNbwdjLjk7C2hh2WDFwkNjixszwH3B1sFWqLseXTPi

  3. The project admin uses a smart contract like Etherscan dApp explorer to call the depositCarbonCreditsFromCertificate function on the Carbon Credit ERC20 token with the value of the certificate. Note that the token has 18 decimals of precision so it should be the value of carbon credits times 10^18.

  4. The project admin now has the value of the certificate in their account. Other people can view the event log to see the carbon certificate IPFS hash and look it up on IPFS to verify the certificate.

  5. A contributor contributes work to a Climate Impact Project on CoMakery

  6. The admin pays the contributor in carbon credits

  7. The contributor transfers some of their tokens to an exchange to sell

  8. The contributor retires the remaining carbon credit tokens to offset some of their own carbon footprint.

  9. The contributor has impacted the climate and a new carbon credit certificate is issued to the Project Admin

  10. The Project Admin deposits the carbon credit certificate in the CoMakery Climate Project and the cycle continues.

Resources

  • Code for ERC20 token backed by notarized carbon credits is here

  • The most interesting part of the smart contract is here

Next Steps

The next steps are:

  1. Gather additional carbon offset tasks that people can perform. For example: design the best carbon offset meal that consists of low resource use AND the planting of maximum carbon sequestering plants.

  2. Identify projects, such as carbon sequestration farms that need people to plant trees or templateable solar projects.

  3. Connect the projects to carbon offset crowdfunding - where people or companies purchase their offsets and then invest the tokens before they are retired. Or impact investors invest for capped project returns from the asset (e.g. solar production & offset credit value) and maximized carbon offset.

  4. Move the token to a low energy blockchain or Ethereum sidechain.

  5. Look for partners who want to pilot and scale the model.

Get In Touch

Get in touch with Noah (founder of CoMakery and collabathon Hacker) if you are interested in collaborating:

noah@comakery.com