 15 days ago, I was a diplomat. I used to work for the UN for the last seven years until I get to know how hard it is to change the system from within. So now I'm here with you guys in order to change it together, right? And I wanted to share with you some of my some of my learnings, my thoughts, my feelings from all this experience, especially regarding climate change, right? And I would like to work with you in order to get a solution that actually really transforms what is happening now with the climate action, which is just a symptom of something more deepened, which is our production and consumption system. So I really wish the blockchain ecosystem does not fall into the repeating the same, but with a nicer technology or a cooler technology. Well, here is our friend, the dinosaur, coming from 66 millions ago, giving out advice. And the cool thing of this is that this was a campaign issued by a UN agency. You probably when you think about the UN, you think of the most conservative or maybe century 20 organization, but the guys were encouraged because of the whole science we are reading the whole day to launch this sort of campaigns, right? And this is related to the potential extinction we're about to face due to climate change. You have probably heard about the Paris Agreement and we need to understand that the Paris Agreement was built over the biggest consensus scientifically and politically in the history of humankind. This is strong, right? So when we hear about the 1.5 degrees, we shouldn't surpass in the next years. What is that? Because I think it's very difficult to embody it, right? So for having like a tangible data in this term, you can read the latest World Meteorological Organization together with the UN Disaster Risk Management Office saying that the forecast for 2030 is one point disasters a day. This is the latest report. So 1.5 degrees more is 1.5 disasters a day in this world. So that's earthquakes, tsunamis, floods, heat waves, everything that affects obviously people's lives but also infrastructure, electricity infrastructure and so the internet and so this blockchain. So we really need to be specifically concerned on this. I really recommend you to see this documentary. It's very new because it actually appeals to how we create negation mechanisms when we hear all this information and it happened to me even at the UN reading all the reports and being part of the reports. So what are you going to do once you know? But what are you going to do once you feel it? Once you get to know, get to feel what you know, get to believe what you know. So this can paralyze you or move to action, real action. So going into my diagnosis of why we are here in this situation I think there's a clear misleading the approach. That is the all in SDGs. You know SDGs have very incredible targets of poverty zero, hunger zero, clean energy for everyone, et cetera, et cetera, right? Sustainable consumption, production. But we have this SDG which is number eight and promotes indefinite economic growth. So going into a very precise example, everyone wants to go renewable, right? Renewable energy. But what if tomorrow or today we all decide to go 100% renewables? Well, we need minerals for that. We need extraction according to the World Bank. We need in order to be aligned with the 1.5 degrees of the Paris Agreement we need 3 billion tons of minerals, lithium, cobalt, graphite which is under the Amazon. It's down the Amazon. So and that will imply a lot of trade-offs in other sectors, in other SDGs. And obviously a massive amount of burnt oil, of burnt oil because we are just moving the mission of GAT to other sectors, transport, extractives, the industry. So I was willing to enter here dancing one song of the Rolling Stones but due to copyright stuff we had another one. But the Rolling Stones said it in a very nice way. You can't always get what you want and that's my part of the song like all in SDGs. But if you try some time, you just might find you get what you need. So let's see a concrete example of the mislead I'm telling you about. 25 years of the voluntary carbon market. This is a few-to-few approach while emissions rising as you already know. So in the demand side, the reach of setters, the buyers, Coca-Cola, airways, car-heel, whoever principally from the food and energy sectors which are the most polluting ones. The principal generators of climate change. Look at this data from Oxfam during the pandemic when the economy was shrinking, 453 new billionaires in this sector that is supposed to offset in order to get below the 1.5. Reach middlemen in 2021, 1 billion dollars for the carbon market, few traders made in 2021. And this is the worst part of the story because these are the guys in the supply side, the guys that are protecting the ecosystems we need to thrive. Look at this notice from a community in India, sorry, in Kenya. These projects are sending people out and they can even not afford to put into the market their own supply, their projects because they are made for the reach. In order to credit and be able to sell a credit to present a project, the transaction costs are huge. So that's why you have big landowners with trees, with forests claiming redactions from, I don't know, 100,000 hectares baseline and next year I will do 70,000%, you can pay me that. Is that the SDGs? What are them supposed to do that? So getting into blockchain, what is happening right now? You probably heard also about the hype of the eco tokens, of tokenizing these voluntary carbon market credits into the blockchain. And it's very interesting you read this research published by Thompson Reuters also like one month ago from a scam that was raised in Brazil due to a person that was living in the community where the project was being held that died, he died in the project and due to his death everyone paid attention to it and the scam was leaked. So just look at this, this crypto company in Brazil has been accused of more than 2 million carbon credits and turned them into crypto tokens at times selling the crates for eight times more. So they mixed in those 2 million, they mixed very low quality crates with middle crates and they packed them. I mean you know a low quality credit is the one that has no environmental robust asset behind the token, right? That's it. So the editor who, this was a WhatsApp message leaked, the editor who initially approved the project a decade ago found that deforestation may have been displaced to land nearby and that is the violation of one of the main principles of the carbon market or the voluntary carbon markets which is permanence. But it's very difficult. How can we ensure we measure a project, it's perfect. How can we ensure that the deforestation going on there does not go to the other land or maybe another country? It's a global problem. And they didn't even trust, they created 150 green jobs, 150 green jobs for 2 million carbon credits. It's huge for almost nothing. So we need to know that although this, we need to remind I think what blockchain has been built for the core principles of blockchain, right? How those could be applied into this? You know upstream we need to replace those few offsets for those big polluters making new billionaires in the most polluting sectors we need to replace one offset from that, those ones from like a participation in that one from all of us, savers. Then we as Vitalik said, we need to automatize the center that blockchain about and downstream allowing those humans, those real populations that probably there's a gap because they cannot reach internet in many cases. But anyway, they are the ones that really have an inherent willingness to defend ecosystems and the forest because they live in the forest. That's inherent transparency, right? And that's what blockchain I think in my humble opinion should be about. So, but what about the agenda, right? I think we need to consider and I would like, I've been talking with a lot of you in these days about this because I am not an expert in DAOS or blockchain as well but these guys are 500 scholars and former ministers of environment that presented a letter in the last UN disaster risk management conference asking the UN to replace the SDGs for a more sincere agenda. An agenda that is really aligned with science, that is focus on locally led adaptation, climate adaptation, that's not mitigation to reduce but adaptation, how to create resilience for this, for infrastructure loss we've seen before. And also this disaster risk management, which is very, very important not to lose, among other stuff, the blockchain. So, are we willing to put ourselves in a position to help these guys to put, because they probably don't know what blockchain is, they probably haven't even think of this. So, what if we put, what if Ethereum Foundation or whoever here wants to collaborate in this, we make some noise and help these guys through DAOS or through the blockchain governance tools we have, create the capacity building and create a pilot project to really change the world. So, going back to the many, too many approach I told you in the carbon market or the ECO tokens, this pilot is not, has not been already executed but it's very interesting how it has been designed. Because it was really designed from many, too many, although it was, it was, it could not be so ambitious at the beginning, it was really what I'm trying to say in an example. You can see those investors in the middle, which the project tried to gather from the application of a bank where almost everybody in Argentina, this is for El Taco Argentina in the north, where everyone received their salary, so they give the, now with this project they should give the option instead of saving with something else, you can buy an ECO token. And in the supply side, this is a very interesting part and Diego, I think before me, he spoke something interesting things about this, but how the jurisdictional authorities, how can we somehow, we need them in a part, they have the infrastructure to reach those territories, we don't have it yet. So, the governor of Chaco committed at least verbally, so this is just an idea, remember that, but he publicly confirmed that he wanted to do this and he wanted to reach the territories of those ecosystem, sorry, ECO tokens revenue to reach directly the populations living in the forests through smart contracts and he committed himself to sign a bill in order to sort of delegate his mandate in that regard, not the jurisdiction because that's a legal problem, but to delegate and I think that's a very important role for the state, for the government, for the old paradigm to become a helper of this to actually be unleashed. And another example I wanted to share with you, which is also very brand new, they are working already and they are from Colombia, they are from here, ECO registry, because we need to know what to do about the transition because we have those Coca-Cola, Delta Airlines, Car Heel, Buyer, whatever, and the demand for carbon credits has grown exponentially in the last year, not the supply because of what I told you, there's no money to create projects, but yes, the demand, there was a 2 billion annual demand for credits in 2021, I think we should harness them, but how? This is a very interesting model here in Colombia that is spreading into other countries, so they are not going to, they don't just tokenize a carbon credit, whichever the carbon credit asset quality is, but they migrate into blockchain every part of the process of the life cycle of a carbon credit, from the project design, formulation, validation, verification, the issuance, the buys and sells that could be before retirement, that is when the company, the corporation, claims the emission reduction, and they are making this very transparent and very efficient to the point that they average in the market of reaching money to the developers is like 25% roughly, these guys are reaching now 50%, and they have a short term plan of reaching 70%, so that could be a smart transition, that could be because those numbers, those efficiency numbers could make the transaction cost easier and lower for the small communities actually to be involved. So finally, if Ethereum vision, this is the web page of Ethereum, is to grow, remember my slide of the SDG8, we need to, we need to clearly think and be aware and be aware of what kind of growth and for whom, because humanity is at stake, thank you. Thank you Augustine, we have room for some questions, somebody wants to ask Augustine, we have here, I'm going to go there, just five seconds. Thank you so much for the talk, really, really loved especially the ideas about making these market seas processes more inclusive, many to many, I think that's a transition that all the impact space really needs to go through. When we think about that though, how does that marry with the fact that like carbon markets and the capital moving into that space just needs to increase, because like the $2 billion number is a lot, but you know, it's probably a tenth, a hundred of what we're going to need. Exactly, yeah, and even more. No, a good question. Yeah, obviously it's not the solution, not at all. I think we need to remind the slide of these guys presenting a new agenda that's trying to redirect all the international cooperation system or the paradigm or the agenda which all the money that enters the UN and also the bilateral corporations and also corporations are flowing the money too. So we need to, I think my first answer would be to, we need to really find the politics in order for the tool, the blockchain tool to work to make it happen, but we need the politics, right? We need to get them right, so yeah, voluntary carbon markets is just this, but I focus on that because of the hype of the eco tokens. Thank you for that question. Any other question? If someone wants to do it in Spanish also, right? Right, another question there, please. I'm a lawyer and a deputy in Mexico and I'm trying to make the government implement technology and one thing that's going to be a question is climate change. But I didn't really understand the relationship of the smart contract with climate change. Could you please explain it a little more? Well, this is the problem of lawyers that sometimes we get very technical. In English or Spanish? English or Spanish? In English, in English. Well, actually it's a crazy idea. It's an idea that popped into my mind and I share it with Pao here, my friend from Ethereum. And I just saw that I am very involved in the... I know a lot of scientists and former ministers and everyone that came from the UN. So I get to see this letter that has been presented in this. So it was just an idea because I think my opinion is we need to connect the dots. We need to integrate these two words. Those guys that are, in my opinion, very well aligned in the policy, defining the policy for what we are going to need for those 1.5 disasters a day and for the energy transitions by taking a look at the territories. What if we, I don't know, think together how could a DAO could look like or many DAOs or not a DAO, but the other governance tools coming from the blockchain. So it's just an idea that we can discuss and we can create it together. So, thank you. Thank you. There is another question there, please. Hi, thank you for the talk. I wanted to ask in relation to the idea of many to many. That sometimes means, and the idea of taking away from the big, you know, offsetters and empowering the little local impact makers. That requires taking the technology to places where it doesn't really exist, right? So how do we empower, how do we create that impact so that it's local people doing things for themselves instead of the blockchain industry trying to decide on their behalf and think they know what they're dealing with? Cool. Very, very interesting question. And obviously, my first concern when I thought of this was, yeah, how are we going to reach a person that does not have a cell phone? So, I think that's a gap that we need to try to reverse in a way. And I think that we can build over some projects, right? The other day in the Sustainability Blockchain Summit, I've heard there was a girl from Cocoa. I think it's called Cocoa Project or Cocoa Dao, Cocoa Dao. And she was working in this, ah, here, here, great, amazing project. Well, you should ask her, and we should bring it to the table. This is us. This is not me. So let's think that together. Thank you. Any other question? We have time for the last question. English or Spanish. Thank you very much, Agustín. Amazing talk and amazing job.