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A
Hi
everybody
thanks
for
coming
so
today,
I'm
not
going
to
spend
a
whole
lot
of
time.
Talking
about
clement
dao,
I'm
mostly
going
to
focus
on
an
initiative.
We
worked
with
our
home
chain
polygon
on
to
develop
a
climate
positive
strategy
first
for
their
proof
of
stake,
blockchain,
where
our
protocol
runs
and
more
broadly
for
their
organization.
As
many
of
you
may
know,
polygon
runs
sort
of
a
network
of
blockchains.
A
So
I
want
to
give
a
very
brief
overview
of
sort
of
my
perspective
on
the
role
of
offsets
and
the
role
of
carbon
credits
in
the
green
transition
in
the
fight
against
climate
change.
So
there's
this
sort
of
prevailing
narrative
that
you
know
offsetting
is
only
good
for
greenwashing
and
it
doesn't
really
have
a
major
impact
on
the
climate.
But
the
ipcc
begs
to
differ
they're
very
clear
that,
in
addition
to
substantial
direct
emissions
reductions,
there
is
no
path
to
1.5
degrees
c
that
doesn't
involve
significant
carbon
dioxide
removal.
A
So
the
question
is:
how
do
we
get
there,
and
this
is
a
report
from
mckenzie?
I
don't
want
to
go
in
the
details,
but
the
basic
idea
is
this:
this
red
section
here
that
is
all
the
negative
emissions
we
need.
So
there's
really
there's
really
not
a
lot
of
time
to
start
significantly
reducing
the
carbon
emissions
that
are
up
there,
as
well
as
reducing
the
emissions
that
are
ongoing.
A
So
where
do
these
offsets
that
we
talked
about
actually
come
from?
I
know
we're
all
sort
of
familiar
with
the
basic
setup
of
the
vcm,
so
I
won't
spend
too
long
on
this,
but
basically
you
have
a
variety
of
players
on
the
supply
side
and
the
demand
side.
This
is
sort
of
an
illustration
of
the
traditional
voluntary
carbon
market
and
some
of
these
pieces
are
in
the
process
of
being
adapted
for
blockchain
in
particular.
A
Klima
is
operating
sort
of
in
this
bottom
right
hand
corner
on
the
demand
side
of
the
market,
trying
to
improve
access
and
reduce
transaction
fees
for
for
people
acquiring
and
retiring
carbon
credits.
So
there's
this
whole
argument
about
removal,
verse
avoidance.
We've
heard
a
lot
about
it
today,
especially
in
the
round
table
yesterday.
There
were
some
really
great
heated
discussion
that
I
enjoyed
participating
in
about
sort
of
the
role
of
avoidance
and
removal,
and
this
is
just
sort
of
an
overview
of
the
different
technologies.
A
A
So
avoidance
plays
an
important
role,
but
long-term
removals
are
absolutely
necessary,
and
this
chart
sort
of
illustrates
I'm
drawing
this
from
a
report
by
raspira
that
basically
it's
a
nuanced
issue
right
now.
The
primary
source
of
carbon
offsets
comes
from
avoidance-based
methodologies,
such
as
renewable
energy
conversion
protecting
existing
rainforests
and
natural
ecosystems,
but
the
problem
is
that
avoidance
does
not
scale,
because
there's
only
so
many
trees
to
protect,
there's
only
so
much
renewable
energy
to
convert
before
it
becomes
non-additional
and
so
over
time.
A
So
we
looked
at
polygon
basically
because
they
offer
a
very
high
transaction
throughput
with
a
relatively
minimal
environmental
impact
because
of
the
sort
of
nature
of
their
consensus
mechanism.
I
don't
want
to
spend
too
much
time
talking
about
their
consensus
mechanism,
but
we
will
have
to
go
over
some
basics.
Okay,
so
the
nature
of
this
engagement
is
that
clean
medaille
has
been
working
with
polygon
since
launch
to
try
to
get
this
initiative
rolling.
A
So,
basically,
klimadow
engaged
with
offcetra
on
behalf
of
polygon
to
do
a
calculation
exercise
and,
and
then
polygon
used
the
climadow
ecosystem
of
tooling
to
actually
source
and
retire
the
the
carbon
offsets
for
this
initiative.
Okay,
so
some
basic
ideas.
This
is
a
drawing
from
the
the
ucl
blockchain
environmental
impact
study.
This
is
sort
of
a
general
equation
for
thinking
about
the
energy
consumption
of
a
staking
node
in
a
proof
of
stake
network.
A
So
the
general
idea
is
that
you
have
some
amount
of
energy
consumed
for
each
transaction
and
the
way
you
calculate
that
is
by
multiplying
the
number
of
validators
on
the
network
with
the
the
power
consumed
by
each
validator.
And
then
you
divide
that,
obviously
by
the
number
of
transactions
in
a
given
unit
of
time,
so
fairly
straightforward
calculation,
but
there's
a
lot
of
variables
here
and,
as
the
previous
speaker
was
speaking
about
in
terms
of
the
rigor
of
these
models.
A
Obviously
this
is
going
to
be
very
sensitive
to
each
of
these
variables.
The
really
the
one
that's
going
to
be
really
sensitive
to
is
the
power
consumed
by
a
validator
node,
so
the
power
consumed
and
the
breakdown
of
that
power
in
terms
of
the
grid
composition
varies
based
on
region
and
so
a
simple
way
that
you
can
sort
of
approximate.
The
the
grid
composition
is
just
breaking
things
down
by
geography,
so
we've
got
north
america,
europe,
asia,
vladimir
and
africa.
A
You
can
see
that
the
polygon
validator
node
set
is
spread
across
this.
This
geography,
with
about
about
75
percent
in
the
65
in
the
develop
western
world,
north
america
and
europe.
So
the
really
nice
thing
about
polygon
is
that
we
know
exactly
where
the
validators
are,
because
polygon
uses
this
sort
of
hybrid
proof
of
authority
proof
of
stake
mechanism
where
to
become
a
validator.
You
have
to
go
through
polygon,
but
once
you're
a
validator,
the
validators
achieve
consensus
through
proof
of
stake,
so
they
know
exactly
who
their
validators
are.
A
The
emissions
of
the
polygon
validators
themselves
are
quite
small
because
it's
running
proof
of
stake,
so
you
know,
whereas
the
proof
of
work
emissions
from
the
l1
are
obviously
much
more
carbon
intensive.
So
we've
got
two
major
sources
that
we
looked
at
for
polygons
l1
emissions
on
one
hand,
is
the
checkpointing
on
the
left-hand
side
and
then
on
bridging
on
the
right-hand
side.
So
checkpointing
is
this
sort
of
technical
process
whereby
the
polygon
l2
writes
a
summary
of
the
network
state
back
to
the
ethereum
l1,
which
is
the
connection.
A
So
they
wanted
to
make
sure
that
they
accommodated
for
that,
because
it
is
kind
of
a
key
part
of
their
operation.
If
you
can't
get
assets
onto
the
chain,
what
is
it
really
good
for?
So
you
can
see
here
the
distribution
over
time
and
obviously
polygon
has
seen
dramatic
adoption
during
during
d5
summer
and
the
bridging
really
picked
up
in
mid-2021.
A
So
the
variation
over
time
is
not
super
interesting
here,
but
basically,
what
you
can
see
is
that
they
had
a
major
adoption
and
the
amount
of
co2
is
proportional
to
the
amount
of
transactions
the
amount
of
the
amount
of
traffic
on
the
network,
so
this
is
sort
of
a
breakdown
of
the
the
historical
emissions
as
well
as
the
more
recent
like
last
year
emissions.
We
did
this
analysis
in
february,
so
the
total
emissions
is
90
000,
whereas
the
last
year
is
85.
A
A
Okay,
so
there's
a
big
sort
of
elephant
in
the
room.
If
you've
read
the
digi-economist
analysis
of
the
polygon
network,
you
know
that
he
makes
a
whole.
It
makes
us
think
about
the
ethereum
l-1
matic
transactions.
So
the
gist
of
this
is
that
the
matic
token
is
the
gas
token
on
the
the
polygon
proof
of
stake
network,
and
it's
also
the
token
the
validators
have
to
hold
and
stake
in
order
to
sort
of
participate
in
validation
and
the
the
question
that
did.
A
So
to
argue
that
somehow
you
have
to
go
to
ethereum
l1
to
be
a
validator
and
therefore
it's
essential
to
the
operations
of
the
network
seems
pretty
weak
argument
to
me
and
the
thing
is
it
blows
the
calculations
out
of
the
water?
It's
about
double
the
size
of
the
bridging
component
that
we
just
looked
at
so
polygon's
total
emissions
would
be
more
than
double
what
we
calculated.
So
it's
an
open
question.
A
Okay,
so
this
is
just
some
context
for
sort
of
what
the
the
calculated
emissions
look
like.
This
is
only
including
the
last
year's
emissions
feb
21
to
22.,
and
you
can
see
that
polygon
sort
of
in
line
with
a
lot
of
other
technology
companies,
most
notably,
I
think
paypal
is
a
really
interesting
comparison
here,
because
their
payment
network
and
part
of
what
polygon
does
is
you
know
it's
a
payment
network.
You
can
send.
A
You
know
stable
coins
and
digital
assets,
but
it
also
does
a
lot
of
other
stuff
like
hosting
carbon
markets.
So
I
think
it's
pretty
clear
demonstration
that
this
technology
is
sort
of
is
a
reasonable
replacement
for
the
existing
payment
rails,
at
least
when
we
look
at
carbon
intensity,
and
the
other
cool
thing
here
is
that
this
is
still
including
ethereum
proof
of
work
right.
A
So
there's
this
whole
other
aspect
that
once
the
ethereum
l1
moves
to
proof
of
stake,
the
ongoing
emissions
from
the
polygon
l2
are
going
to
drop
dramatically
because
the
ethereum
l1
emissions
are
the
majority
of
the
emissions,
and
then
you
see
some
comparisons
with
with
some
other
more
things.
You
might
be
more
familiar
with
like
the
impact
of
flying
flying
from
london
to
new
york
or
how
many
barrels
of
oil
this
amount
of
carbon
tonight
would
be
equivalent
to
okay.
A
So
we've
heard
a
lot
about
sort
of
the
problems
with
offsetting
and
very
much
agree
that
net
zero
is
not
enough.
In
fact,
you
know.
Even
if
we
stopped,
we
all
got
to
net
zero
today
we
would
still
have
a
trillion
tons
of
carbon
up
there
in
the
atmosphere,
and
so
it's
very
much
a
first
step
and
it's
important.
I
think
that
we
recognize
that.
A
There's
additional
initiatives
you
can
take
on
one
thing
is
just
to
offset
more
than
one
to
one
just
to
go
beyond
the
net
zero
and
as
well
putting
money
toward
initiatives
that
support
the
development
of
protocols
and
on-the-ground
work
that
contribute
to
the
fight
against
climate
change
more
broadly,
including
the
development
of
new
technology.
So
we'll
get
to
that
in
a
moment.
A
Okay,
so
the
polygon
worked
with
klima
to
publish
a
love
letter
to
the
planet,
which
is
sort
of
our
way
of
basically
making
it
fun
and
engaging
and
inspiring
to
offset
carbon
on
chain
to
retire
carbon
on
chain.
So
they
embedded
this
message
permanently
onto
the
polygon
block
chain
as
part
of
their
retirement,
and
you
know,
I
think
it's
pretty
clear
that
they
don't
just
want
to
one-to-one
offset
really.
A
Okay,
so
this
is
a
little
overview
graphic
of
what
actually
went
down
when
we
when
we
consumed
the
offsets.
Oh
wow,
I
think
I
skipped
a
second
hold
on
so
before
we
get
to
going
back
off
setting
we
have
to
talk
about
what
they
actually
did.
So
basically,
polygon
worked
with
us
to
identify
projects
that
they
wanted
to
support
and
we
helped
them
to
develop
essentially
a
strategy
of
different
offset
consumption.
A
The
idea
here
is
that
there's
a
tension
between
the
supply
of
offsets
and
the
price
that
those
offsets
fetch
you
can
pay
as
much
as
a
thousand
dollars
a
ton
for
direct
air
capture
or
you
can
pay
two
dollars
a
ton
for
large-scale
renewable
energy,
and
so,
in
our
view,
it's
a
balance
right.
You
need
to
be
using
a
mix
of
offsets
in
order
to
sort
of
cover
the
spectrum
of
actions
that
are
necessary
to
accelerate
the
fight
against
climate
change.
A
They
retire
them
with
our
klima,
dow
retirement
aggregator,
which
really
just
makes
it
easy
to
consume
a
variety
of
different
offset
types.
So
like
moss
and
two
can
have
slightly
different
retirement
processes
and
yeah.
You
could
go
and
work
with
each
bridge
individually,
but
it's
kind
of
a
pain,
especially
if
you
want
to
automate
this
stuff
which
I'll
talk
about
a
moment.
Okay,
so
what
did
they
do
so?
A
They
retired
about
104
000
tons
of
which
90
000
is
a
large-scale
renewable
energy
project
from
china,
which
is
quite
controversial,
and
I'm
happy
to
talk
about
my
perspective
on
large-scale
hydro
and
sort
of
the
nuance
that
exists
in
this
question,
but
they
also
retired
10
000
tons
of
selective
projects
where
they
went
into
the
bct
pool
and
they
identified
projects
that
align
with
their
their
organizational
coals,
they're
based
in
india.
So
they
were
really
interested
in
projects
in
southeast
asia
in
general,
but
in
india
in
particular.
A
Their
their
projects
are
using
the
red
plus
methodology
from
vera
to
basically
prevent
deforestation
of
this
really
important
natural
resource
in
amazon,
which
is
under
a
very
real
threat
of
being
destroyed,
because
the
regulations
in
the
in
brazilia
and
in
amazon
are
not
sufficient
to
protect
the
rainforest,
even
in
areas
that
are
considered
natural
preserve.
So
moss
is
doing
some
really
great
work
on
the
ground
with
these
communities
to
empower
them
and
drive
capital
into
local
communities
in
living
in
the
amazon,
so
they
they
put
some
there
as
well.
A
Okay.
So
now
we
get
the
next
steps
for
volume,
so
beyond
offsetting,
they've
allocated
20
million
dollars
to
what
they're
calling
the
polygon
green
fund,
and
the
idea
here
is
to
support
the
development
of
tooling
infrastructure
and
research
related
to
the
on-chain
carbon
markets,
in
particular,
but
sustainability
initiatives
in
general.
A
So
you
have
to
be
seen
exactly
where
that
money's
going
to
go,
but
I
imagine
it'll
be
run
as
a
grant
program
kind
of
similar
to
the
other
sustainability
funds
that
we've
seen
on
other
chains
and
we're
also
working
with
them
to
develop
a
coalition
specifically
around
digital
carbon
markets.
We
really
think
it's
important
that
for
carbon
markets,
one
of
the
biggest
issues
on
the
demand
side
is
the
lack
of
liquidity
in
the
legacy
world,
and
we
think
it's
important
that
we
concentrate
that
liquidity
in
the
on-chain
world.
A
We
don't
sort
of
recreate
the
fragmented
landscape
that
we
see
off-chain,
so
we're
working
on
some
cross-chain
solutions,
and
we
want
to
work
with
polygon
to
basically
make
their
chain
the
home
of
of
carbon
markets
on
chain
and
allow
access
from
other
chains
to
consume
those
liquid
d
pools
and
to
retire
carbon
on
polygon
from
whichever
evm
chain
you
have
to
be
running
on
that
way.
We
don't
end
up
in
a
situation
where
we
have.
A
They
would
calculate
the
emissions
from
that
week
and
a
automatic
system
would
call
our
retirement
aggregator
contract
and
retire
the
appropriate
amount
of
carbon,
ideally
at,
like
a
2x
factor,
so
we're
really
pushing
them
to
be
climate
positive.
That
is
one
thing
I
did
want
to
point
out.
The
calculated
emissions
was
about
90
000
tons
and
they
offset
about
104
000
tons.
A
Okay,
so
the
other
aspect
is
that
you
know
polygon
has
the
pos
chain,
which
is
what
I've
been
talking
about,
but
there's
a
bunch
of
other
things
that
they
do
that
have
emissions.
For
instance,
they
host
a
lot
of
conferences,
they've
got
a
global
workforce
and
they've
also
got
a
bunch
of
other
infrastructure
that's
off
chain.
A
The
love
letter
page
is
something
I
I
briefly
mentioned,
but
you
can,
if
you're
interested
in
offsetting
your
own
emissions,
whether
it's
for
travel
to
this
event
or
for
your
own
life.
We
have
this
love
letter
campaign
where
you
can
use
a
credit
card
or
a
digital
wallet
to
source
and
retire
carbon
on
chain
and
leave
a
love
letter
to
the
planet
that
will
be
published
and
it's
shareable
on
social
media
and
whatnot.
A
So
we
really
want
to
drive
yeah
the
social
pressure
and
the
social
verification
aspect
of
carbon
offsetting
so
that
we
can
get
all
of
our
friends
and
all
of
our
family
to
start
supporting
these,
these
important
projects
cool.
So
that's
the
presentation.
If
you
want
to
talk
more
about
climate
dial
or
clean
infinity.
If
your
organization
is
looking
to
develop
a
climate
positive
strategy,
please
let
us
know
we
have
a
partnerships
team
that
has
expertise
in
this
area
and
is
happy
to
work
with
you
to
develop
an
on
chain
offsetting
strategy.