The submissions of public comments from over 30 blockchain-based organizations, led by the Blockchain Infrastructure Carbon Offset Working Group (BICOWG), marks the first time the burgeoning “Regenerative Finance” (ReFi) industry has engaged directly in the federal policymaking process
May 13, 2022 15: 23 EDT
SAN FRANCISCO, May 13, 2022 (Newswire.com)
Today, in response to the White House Office of Science and Technology Policy’s (OSTP) Request for Information on the Energy and Climate Implications of Digital Assets, the Blockchain Infrastructure Carbon Offset Working Group along with over 30 projects leveraging blockchain technology for climate impact have independently and jointly submitted public comments for consideration by the OSTP. These submissions indicate the entry of the rapidly growing ReFi industry to federal policy discussions about future regulatory frameworks regarding digital assets and blockchain technology.
Led by the Blockchain Infrastructure Carbon Offset Working Group (BICOWG), whose membership includes cutting-edge ReFi projects like KlimaDAO, Offsetra, and Regen Network, as well as representatives from the largest blockchain infrastructure service providers like F2Pool for Bitcoin mining pools and stakefish of proof-of-stake validators, the industry today presented its formal response to the OSTP’s request for information along with President Biden’s Executive Order on Ensuring Responsible Development of Digital Assets. The industry made the following key recommendations:
BICOWG’s 5 Recommendations
Recommendation 1: Accept expert advisory and due diligence blockchain solutions being adopted for carbon markets to ensure appropriate verification, governance, and transparency.
Recommendation 2. Recommendation 2.
Recommendation 3: Allow Web3 tools to help carbon registries lower the cost of auditing claims to as close to zero as possible and de-incentivize opaque auditing processes.
Recommendation 4: Support integration between existing standards-setting bodies and Web3 technologies through the articulation of their standards to be adopted in the Web3 ecosystem. These could include managing cryptographic keys and overseeing the composable protocol interactions in a climate ecosystem.
Recommendation 5: Support the Web3 carbon bridge sector in its task to increase the transparency and integrity of carbon accounting systems, challenging carbon registries.
Daniel Hwang, from BICOWG, said, “The climate crypto ecosystem of operators within the tokenized carbon market have understood the responsibilities for addressing the climate impacts of blockchain and have made significant innovative strides i