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A
Hello:
everyone,
I'm
david
rodriguez,
we're
going
to
talk
about
what
it
takes
to
get
from
where
we
are
today
to
a
thriving
on-chain,
carbon
credit
ecosystem
I'll
start
with
my
path
to
refi.
It
started
in
2008.
I
ran
a
forestry
initiative
in
mozambique
on
a
bill
and
melinda
gates
grant
for
an
organization
called
technoserve.
A
I
saw
firsthand
the
challenges
of
authoritation
deforestation
and
what
that
does
to
climate.
It
changed
me.
Over
the
last
decade
I've
been
in
venture
capital.
I've
worked
for
great
growth
partners
and
built
my
own
fun
draft
ventures.
At
draft
we
invested
in
75
different
companies.
Seven
of
those
are
now
unicorns
and
it's
the
top
performing
of
its
vintage.
A
I've
also
operated
many
companies
as
coo.
I
usually
operate
in
the
earliest
stages.
From
about
10
people
to
hundreds
of
people,
I
sold
one
company
to
adobe
after
several
years
of
building
it.
My
last
company
was
valued
at
2.5
billion
dollars
in
the
private
markets
by
co2
tiger
and
d1
capital
partners
and
then
well
then
you
know
I
was
in
search
of
of
life's
work
about
two
years
ago
and
came
across
and
knew
I
wanted
to
be
in
climate.
I
came
across.
A
Refi
went
down
the
rabbit,
hole
and
things
things
changed
after
that
and
today's
agenda.
I'm
going
to
talk
about
that
journey.
I'm
going
to
talk
about
why
I'm
investing
in
refi
and
on-chain
carbon
credit
markets,
I'm
going
to
talk
about
what's
wrong
with
those
markets,
and
I'm
also
going
to
talk
about
how
we
get
from
where
we
are
today
to
a
healthy
and
thriving
unchained
carbon
ecosystem.
A
So
why
I'm
investing
we're
in
paris
and
we're
in
a
record
heat
wave
with
record
wildfire
seasons
june
was
the
highest
recorded
in
earth's
warmest
months.
You
know
deforestation
in
brazil,
biodiversity
loss
go
list
goes
on
the
world's
sick.
We
need
to
move
now
that
that
imperative
is
urgent
on
the
left.
Here
you
see
the
graph
that
we've
seen
earlier
and
carbon
dioxide
atmospheric
concentrations
rising.
A
One
of
my
portfolio
companies
see
ceos
raf
from
toucan
calls
this
humanity's
worst
bull
run,
and
I
agree,
but
I
think
there's
the
other
side
of
the
story
here
this
on
the
the
other
side
of
the
slide.
There's
a
lightning
bug
when
I
was
younger.
I
grew
up
in
new
jersey
and
in
fields
near
my
home,
in
new
jersey
is
to
play
with
these
lightning
bugs.
A
It
was
like
a
rite
of
passage
for
for
kids
in
the
neighborhood,
and
I
learned
that
there's
over
170
species
of
these
lightning
bugs
and
when
I
go
back
to
that
field,
there's
no
more
of
them,
and
that's
that's
really
sad
for
me.
It's
sad
for
the
ecosystems
that
they
support,
and
you
know
one
of
my
mentors
and
favorite
authors,
charles
eisenstein.
It's
it's
very
reminds
us
that
it's
very
important
not
just
focus
on
the
carbon
narrative,
it's
reductionistic!
A
It
makes
us
overly
focused
on
one
thing:
that's
this
invisible
thing
in
our
atmosphere
and
to
really
connect
and
care
about
the
earth
and
the
beauty
of
the
earth,
and
so
a
little
call
out
to
to
that
before
we
go
back
to
the
carbon.
In
this
presentation,
so
why
I'm
here?
I
think
it's
a
highly
compelling
investment
opportunity.
This
is
a
huge
market.
A
It's
you
know,
50
billion
dollars.
If
you
go
by
the
mckinsey
study
mark
kearney
who's,
the
un
special
envoy
for
climate
says
it
could
be
up
to
100
billion
dollars,
it's
highly
fragmented,
there's
over
25
players
that
call
them.
You
know
sales,
carbon
marketplaces
with
other
layers
of
the
stack
even
more
fragmented,
with
knowing
large
incumbents
and
it's
a
supply
chain
constrained
market,
which
is
super
compelling
as
an
investor
and
there's
just
a
very
low
barrier
of
entry.
Given
the
lack
of
regulation
in
the
space,
I
love.
This
quote.
A
A
And
the
last
thing
is
that
the
drivers
of
demand
will
continue.
You
know
this.
Is
consumers
like
you
and
me
that
are
demanding
not
to
work
for
employers
that
don't
have
csr
response
responsible
policies?
It's
the
corporations
that
are
responding
to
that.
You
know.
Now
we
have
over
130
trillion
dollars
worth
of
corporate
assets.
That
are
that
those
corporations
are
pledging
net
zero,
that's
huge!
That's
the
size
of
many
countries,
and
now
we
have
web
3
demand
coming
online.
This
is
treasuries.
A
This
is
you
know,
different
d5
and
web3
consumers
coming
coming
into
this
market
as
demand
sources.
And,
lastly,
why
I'm
excited
is
web3
tools
are
advantaged.
We
have
better
tech
and
tools.
The
legacy.
Carbon
markets
have
lots
of
challenges.
They
have
a
trust
and
transparency
trial,
challenge
that
web3
solves
through
immutability
through
transparency
through
provenance.
A
They
have
liquidity,
challenges,
coordination,
challenges
which
the
interoperability
and
fungibility
and
d5
solve.
And
finally,
we
have
compostability
and
we
need
to
act
quick
and
the
compounding
returns
of
compostability
are
essential
to
doing
that.
Finally,
we
have
more
capital
than
ever
coming
to
the
space.
We
have
ecosystem
grants
coming
into
the
space
with
venture
capital.
We
have
corporates,
investing
it's
a
powerful
time
and
that's
attracting
a
ton
of
talent
and
that's
super
important
for
us.
A
So
all
that
said
what's
wrong,
you
know
first
off,
you
know
before
we
get
to
web
3,
the
existing
markets
have
its
challenges.
You
know
the
quality
of
supply
and
type
of
supply
is
tough.
We
have
only
three
percent
of
projects
in
the
top.
Four
registries
are
pure
removal
projects
which
are
removing
carbon
dioxide
from
the
atmosphere
and
instead
of
avoiding
them,
that's
a
very
small
amount
so
far,
and
that
needs
to
grow.
A
Second,
we
have
mrv
and
standards
our
bottleneck
today,
and
this
has
to
get
fixed.
We
have
a
concentration
of
gold,
standard
and
vera
making
up
about
80
of
the
voluntary
carbon
markets.
We
have.
We
have
barriers
for
projects,
so
only
large
projects
can
actually
get
credits,
it's
not
cost
effective
and
they
can't
get
on
the
radar
registries.
So
a
farsi
project.
A
You
need
a
thousand
thousand
hectares
to
kind
of
make,
it
make
sense
to
get
carbon
credits,
and
some
of
these
are
long
long
development
cycles
so
three
to
five
years
to
earn
credits
in
some
cases,
which
is
a
huge
cash
flow
challenge
for
projects
and
there's
a
also
a
lack
of
verifiers
in
the
space,
and
it's
still
based
on
very
old
technologies.
You
look
at
the
picture
on
the
left.
A
Second
problem.
Moving
on
from
traditional
markets
is
refi
had
a
really
tough
freshman
year.
You
know
we're
having
trust
problem
the
market's
been
opaque.
You
know
we
have
web
3
issues
of
the
bullet
and
bear
markets
in
general,
and
the
new
cycle
wasn't
great
with
the
up.
You
know
the
upswing
of
klima
and
then
downturn
of
klima
and
we
have
a
marketing
problem.
A
A
So
how
do
we
go
from
that
to
a
thriving
on-chain
carbon
market?
I'm
gonna
lay
out
a
path
here
and
some
of
the
things
I'm
excited
about
and
looking
at
as
an
investor
the
first.
The
first
thing
we
need
to
do
is
win
corporate
demand,
so
demand
is
concentrated
in
this
market
with
the
large
corporate
emitters.
A
Let's
let's
work
closely
with
those
people
and
those
corporations
and
for
me,
as
an
investor,
I'm
looking
for
startups,
who
have
those
relationships
who
are
working
closely
with
those
corporations
and
collaborating
and
building
with
them.
I'm
looking
for
people
that
are
on
the
demand
side,
the
demands
on
aggregators
and
marketplaces,
and
you
know
some
projects
like
senkin
and
toucan
and
atom
and
flow
carbon
are
the
ones
that
are
examples
of
this.
But
we
need
more.
A
Second,
once
we
have
demand,
we
need
to
build
on
chain
supply
and
do
that
by
moving
financing
way
earlier
in
the
cycle,
and
so
the
fastest
way
to
supply
is
to
bring
capital
there
and
to
do
that
with
leveraging
defy
by
deep,
creating
new
structured
projects
and
pools
and
move
past.
What
we
do
today
is
a
lot
of
the
forward.
A
We've
seen
this
in
other
markets
in
d5,
I'm
an
investor
in
companies
like
goldfinch
and
gia
that
have
done
this
in
in
microfinance
and
other
areas
like
large
ppp
projects
and
infrastructure
projects,
a
company
called
silta.
The
idea
is,
let's
find
areas
where
there's
you
know.
Central
banks
don't
serve
the
need
of
bringing
capital
in
those
markets,
light
carbon
credits
and
fill
that
with
on-chain
and
web3
companies
that
can
bring
defy
in
this
in
the
space.
That's
a
huge
opportunity,
we're
looking
at
you
know.
A
Third
is
we
need
innovations
in
mrv
on
chain
if
we're
going
to
move
anywhere
and
so
new
methodologies
beyond
the
current
methodologies
and
standards
have
to
exist,
they're
going
to
be
on-chain
coordination
with
trust
and
automation,
we're
going
to
integrate
with
new
sensors
and
these
mrv
technologies
off
chain.
I've
invested
in
some
drone
companies
like
tree
swift
that
can
create
3d
point
clouds
of
forest
growing,
instead
of
just
measuring
with
a
tape
measure
a
round
of
tree
that
exists
today.
A
So,
integrating
with
these
companies
bringing
data
and
digital
reporting
on
chain
and
having
access
access
to
that
and
what
we'll
see
is,
instead
of
going
through
legacy,
off-chain
registries,
more
direct
issuance
of
these
carbon
credit
chain
on-chain,
and
so
we
love
like
we're.
Looking
at
the
space
at
mrv
protocols,
different
data
players
in
the
space
community,
design,
methodologies
that
are
dynamic
and
not
static
that
exist
for
the
last
five
ten
years
and
haven't
changed,
and
so
companies
like
regen
network,
one
shot,
mrv,
collective
and
others
are
innovating
in
the
space.
A
Four,
we
need
infrastructure,
we
need
primitives
and
liquidity
to
scale.
That's
tokens!
That's
pools,
that's
bridges
to
bring
credits
on
chain
from
off
chain
or
betw
or
across
chains.
It's
infrastructure
in
the
space
where
we
can
create
pools
or
baskets,
or
funding
products
in
the
space
for
others.
And
finally,
there's
you
know:
accessible
accessibility
to
data,
to
bring
more
transparency
to
the
space
and
supportive
tech
around
the
space,
and
so
we're
looking
at.
A
Five-
and
this
is
where
I
get
super
excited,
is
web3,
brings
opportunity
beyond
what
legacy
players
can
ever
do,
and
so
you
know
how
do
we
build
new
products
now
that
we
have
supplied
demand
and
these
primitives
above
and
beyond?
And
hopefully
what
that
means?
Is
we
move
beyond
just
carbon
and
we
move
into
other
eco
assets
and
other
world
positive
actions
where
we're
getting
capital
to
flow
towards
impact
using
the
power
of
web3
and
we're
looking
at
the
structured
financial
products
that
will
do
that
derivative
products?
A
How
do
we
automate
retirement
and
purchase
of
carbon
credits,
consumer
applications,
gaming?
These
are
fields
that
haven't
been
built
up
that
are
super
exciting.
That
can
only
exist
in
web3
and
finally
excited,
and
the
next
step
here
is
to
build
a
collaborative
ecosystem,
it's
something
that
doesn't
happen
in
legacy
markets
and
what
we
need
to
do
together,
because
we
all
win
together.
We
have
interoperability,
interoperability
and
coastal
compostability
in
the
space.
A
That
is
our
advantage
and
it's
highly
important
to
have
these
ecosystem
players
that
are
supporting
it
like
file
coin,
green,
like
climate
collective,
like
refi,
dow
and
we're
super
excited
and
in
the
venture
funds
like
us
and
allegory
and
fourier
ventures
that
are
helping
to
support
this
ecosystem,
and
we
all
need
to
do
this
together,
and
so.
In
closing,
you
know,
I
am
super
excited
about
this
space.
I
moved
my
fund,
my
lps
my
time
into
refi
for
a
reason,
I'm
a
big
believer
in
what
we're
building
here
together.
A
A
It's
moving
the
demand,
it's
building
supply,
it's
creating
the
primitives
that
we
need
to
build
on
top
of
and
building
that
infrastructure.
And,
finally,
it's
working
together.
It's
getting
together,
building
the
ecosystem
community
and
working
together
to
make
this
change
and
with
that
I'm
here
to
help
I'm
here
to
support.
If
you
have
any
ideas,
companies,
people-
I
should
talk
to
I'm
happy
to-
and
so
thanks
so
much
for
your
time.