This RFC is in response to KlimaDAO releasing an ‘alternative standards framework’ to analyze novel carbon certification and offset issuance standards.
To promote KlimaDAO's vision of providing the transparent, neutral, and public infrastructure necessary to accelerate climate finance on a global scale, we will begin a pilot for J-Credits in Japan.
About Mori NFT
MORI-NFT seeks to build a decentralized ecosystem for realworld linked NFTs and carbon emission offsetting. This platform helps to reduce CO2 emissions, protect forests in Japan. Through the tokenization of forest maintenance projects, reforestation projects, and CO2 capturing, MORI-NFT enables a transparent and globally accessible market for sustainable investments. Connecting real-world linked NFTs to the digital world, new business models and communication platforms between companies with a strong desire to build a sustainable society and consumers can be created.
This allows them to start or support new projects via the MORI-NFT Platform and keeps the value within the MORI-NFT ecosystem.
In addition to their own carbon project development efforts, MORI also sources and provides J-Credits to their own clients in Japan.
-Utilize MORI-NFT’s J-Credit registry account to hold credits during a pilot.
-A ‘digital twin’ of held credits will be created via C3’s infrastructure.
-Tests will be conducted related to: 1) retirement on-chain; 2) API communication with MORI-NFT for reflecting retirements in their J-Credit account; 3) auditing of MORI-NFT’s J-Credit account (and exploring automations for this purpose); 4) Pooling and J-Credit pool design.
-The core infrastructure developed via this pilot will allow other entities holding J-Credits to tokenize them and utilize them across KlimaDAO’s infrastructure (importantly, they will be able to list these credits for sale via Carbonmark).
-Utilize an SPV for creating a bankruptcy protected custodial entity for J-Credits. This aligns with the current structure for 2-way bridging that C3 is pursuing.
-Hosting J-Credits on a 3rd party platform, such as Carbonmark, for retirement there.
-We request 35,000 USDC to fund the onboarding around 1,000 J-Credits from the absorption/carbon removal class.
-These credits will be sold via CM to our existing corporate clients.
-We believe J-Credit sales via CM can include a small fee (2-5%, which can go to KlimaDAO)
-Additionally, we can enter into a profit sharing agreement with KlimaDAO for all credits sold via Carbonmark.
Under the J-Credit Scheme, the Japanese government certifies the amount of greenhouse gas emissions (such as CO2) reduced or removed by sinks through efforts to introduce energy-saving devices and manage forests, as "credit.“
This scheme, which was created by expansively integrating the Domestic Credit Scheme and the Offset Credit (J-VER; Japan's verified emissions reduction) Scheme, is administered by the central government.
Credits created under the scheme can be used for various purposes, such as achieving the targets of the Nippon Keidanren's Commitment to a Low Carbon Society, and carbon offset.