As of September 16, 2024, over 190 projects have been registered under the Open Forest Protocol (OFP). OFP operates globally, with projects being implemented across six continents. One key feature of the platform is that verification and project registration fees are free.
Project Eligibility Criteria:
- Afforestation & Reforestation (A/R) Projects, Agroforestry Projects (in specific cases)
- Project size from 3 hectares (7 acres)
- Projects must not be registered or seeking registration under any other GHG/carbon programs besides OFP.
- No deforestation should have occurred in the project area in the 10 years preceding the project start date.
- Project duration must be at least 40 years.
- The project developer must own the rights to the land and the associated carbon credits throughout the crediting period (e.g., through agreements with the landowner).
- Projects must not be considered existing forests as defined by the Designated National Authority (DNA). A useful guideline for rapid assessment is that project areas should not have a tree canopy cover exceeding 10%.
- Timber harvesting is prohibited.
- Projects that started planting trees within the past five years can still be eligible if they can prove that carbon financing was seriously considered or that it is essential for the forest’s long-term sustainability.
- The project must not be legally required to plant or reforest.
- It should not be economically viable without carbon financing.
- OFP requires projects to plant at least 3-5 different tree species (single-species plantations are ineligible).
- Native species must be planted.
- Tree distribution or planting regimes must be relatively homogeneous across the project area.
Once eligibility is confirmed and a call with the OFP officer for your location is completed, the onboarding process can begin.
Steps to Onboard with Open Forest Protocol:
1. Organization Registration:
The first step involves the approval of the project developer’s organization to use OFP for potential carbon credit issuance.
2. Project Registration and Whitelisting:
The project developer creates a digital representation of each forest project they manage via Project Operator Dashboard. This includes submitting all relevant project information and applying for carbon accreditation.
3. Monitoring:
Once registered, ground monitoring data must be collected from the project area. Sample plots are circular and are randomly distributed across monitoring zones. These plots are permanent throughout the project’s lifecycle. Field agents visit each plot to gather tree data. Monitoring occurs every six months for the first two years and annually thereafter. Data collection is done using the Forest App, and anyone from local communities to project developers can perform this role. Thanks to blockchain technology, monitoring data is secure and immutable, but developers can still add additional information if necessary.
4. Verification & Validation:
Once monitoring data is collected and submitted, it is analyzed and verified by at least 12 independent organizations from OFP’s network of verification partners. The collective decisions are made using tokens, ensuring a transparent and decentralized process.
5. Issuance of Credits:
Upon successful verification, carbon credits are issued automatically. Projects retain 85% of the credits generated, which are stored in a digital wallet. The owner of the tokens can sell them on their own, transfer or retire. Upon retirement of Open Carbon Credits (OCCs), retirement certificates are automatically generated as non-fungible tokens (NFTs) and stored in the user’s wallet. These certificates are shareable and can be publicly verified. The remaining 8% of credits go to a protocol-wide pool, distributed among ecosystem participants who hold OPN tokens. Projects must also contribute 7% of their credits to a buffer pool, as required by the ARR methodology (version 1.1), to account for risks and ensure credit integrity.
OFP Tools and Platforms:
Open Forest Protocol provides several tools to streamline project management and verification:
- Project Operator Dashboard: A web application where project operators can register and monitor their forest projects.
- Forester Mobile App: This app, available on any smartphone, allows for the collection of ground data, even in offline mode. It connects directly to the Project Operator Dashboard for real-time updates.
- Validation Dashboard: A tool for validators to review and vote on the legitimacy of project data.
- Atlas: OFP’s public, interactive map displays all project data as immutable public records.
OFP currently utilizes the Afforestation/Reforestation/Revegetation methodology version 1.1 to generate carbon credits. The platform’s marketplace is set to launch soon, which will provide an additional avenue for project developers to sell their credits.
Why Open Forest Protocol can be Important for Russia:
When implementing climate projects, every initiator faces certain challenges, both organizational and financial. It is necessary to thoroughly study the procedure for implementing a climate project, find contractors for its execution, as well as validators and verifiers. Moreover, financial resources are required to bring everything to life. Even after the successful completion of a climate project, the initiator faces the task of recovering their investment of time and money, and selling the carbon credits generated by the project. Open Forest Protocol promises to take on most of the organizational and financial responsibilities, allowing the climate project initiator to focus on the actual implementation of the project.
