 We're going to be going over global climate accounting and how Hyperledger can solve the challenge of scope 3 emissions. Again, we're going to be live streaming this on YouTube and have this meeting link going, so I will happily be looking for any questions and we can find any gaps in the presentation to get those answered. At this point, Floors, you're Sherwin and Bertrand, thank you again. Thank you so much, Chris. I'm going to go ahead and kick it off and Bertrand is going to be kind of walking us through a specific example. I'm going to provide kind of a high level intro to the SIG and climate accounting, the idea. So the SIG, for those of you who aren't familiar, we are a part of the Hyperledger community, the Climate Action and Accounting Special Interest Group. Essentially, we're a network of technologists, developers, policy wonks, environmentalists that are working together to explore how to use distributed ledger technologies, blockchain, open source software, AI, IoT, big data, to develop a transparent global climate accounting system to help humanity achieve a net zero future. And so the question is, what is climate accounting? Why do we think it's so important? Well, if you look at the climate challenge at its core, it can be understood as an accounting problem. We have 400 gigatons of carbon and I know that the abstract, there's a typo, we have 400 gigatons left of carbon that we can put into the atmosphere before we overdraw our account and we go into the red. So our current burn rate, we're putting into the atmosphere 42 gigatons each year, meaning that as of now at that kind of spend of our carbon budget, we have about seven years left before we go past the 1.5 degree threshold, which the scientific community is telling us leads to a path of destruction. Now what makes the climate challenge so tricky is because we're dealing with a global asset, the atmosphere that's being affected based on the emissions of all of our activities and to solve for it is going to require an unprecedented level of human collaboration across all countries, across all companies, across all people, right? And so how are we doing? Well, we're not doing that good. The graph to the right represents our historical emissions since the turn of the century. And you can see the emissions pathway in green that sharp drop to the right is the path that we need to be on. And the our actual trajectory is the path in red. And so should this be a surprise? Perhaps not. And what I kind of the analogy I use is imagine what would happen if a global corporation tried to achieve its goals without an accounting system. It would fail. The lack of transparency would result in all the internal stakeholders not being able to work together, not to be able to be incentivized, being unable to cooperate ultimately to help that corporation, that organization of human beings to achieve its goal. And I think that's what we're seeing right now. And so the challenge is this is it's a new type of problem and it's going to require a new era, a new type of global human collaboration. And this is not something that we've done before. And we don't have the tools yet. And so planetary problems require planetary solutions. And so to get out of this mess, global climate accounting system is what we're really going to need to work together to collaborate from the same source of trusted information. So the system isn't going to be built by one organization, but it's going to, I think, be built by many like the internet. And so we're going to see kind of different standards and protocols and systems and technologies and all the different stakeholders working together to solve this problem. Now our mission within the Climate Action Accounting SIG, really what we pull focus on is developing a solution to track emissions across supply chains. And we want to essentially develop a platform that can be used to track emissions from cradle to grave. All the activities that go into developing a product and all the emissions that occur as that product is being used until it's obsolete. And so that's kind of our vision. We're building this with the ultimate goal of creating this data that can be shared as an interoperable layer of information shared as kind of a public good that can then allow stakeholders to slice and dice and use that information in whatever they need to understand how to kind of take care of their kind of piece of the pie, they're part of the problem. So in looking at supply chain emissions, just a quick overview for those who aren't familiar. Supply chain emissions are broken into three different scopes. Scope one, two, and three. Scope one is the direct emissions from company-owned resources. Scope two is indirect emissions from purchased energy. Scope three is all the emissions from a value chain, from all the products and resources that an organization uses. And scope one and two are relatively simple. Scope three is incredibly complex. But we think it's critical for two reasons. The first is that 80% of any company's emissions is going to be scope three. So this is where the vast majority of the emissions are occurring. But most importantly, I think, is that solving the scope three challenge has a power to unlock new incentives for innovation and new incentives for collaboration among the key players who have the power to take action, to decarbonize. And so what do I mean by that? Well, corporations are moved by a few drivers. They want to decrease cost. They want to increase demand. And they want access to capital. Sheep access to capital to fuel growth. And they're just beginning to experience new market conditions where all of these drivers will be affected by carbon emissions. So for example, we're seeing government regulation that's emerging where there is a price for that they're effectively creating a price for carbon. And that's affecting companies' bottom lines. So the example I would use is CBAM, the cross-border adjustment mechanism. It's a regulation coming out of the EU. It's introducing a carbon price on imported goods starting with cement, fertilizer, iron, steel, and aluminum. So it's massive industries with massive carbon impact. And in addition to that green finance at the bottom there, it's seeking to invest in companies that can prove that they're reducing their carbon footprint. And they're willing to reward those organizations with favorable rates. So they're effectively lowering the cost of capital for organizations that can show that they're actively decreasing their carbon emissions. And it's not a trivial amount. 130 trillion was committed by the UN Glasgow Financial Alliance at COP26. That's 49% of the world's investment assets. It's just a massive amount of capital that is seeking opportunities for investment in green financing. But they need proof to be able to see that that's where the investment dollars should flow. And so that's really important for companies. The last piece is consumers are also beginning to more demand lower carbon goods. So companies are beginning to face this reality where purchasing decisions aren't just based on a carbon price. They're also based on the monetary price. They're also based on the carbon price. And so what we're seeing is that these three forces, cost, demand, access to capital, which are the lifeblood of any organization, are becoming, they're going to be becoming key to companies' corporate strategy. And we view supply chain decarbonization as a way to make really the greatest impact, while also setting up, gearing ourselves up to take part in one of the greatest opportunities for innovation in recent history. And let me qualify that statement. What we're talking about is based on these market forces, every single supply chain for every single product, for every single company in the entire world is going to be when the market conditions really kind of solidify, they're going to be sprinting to decarbonize. And so we're excited about the opportunity to position ourselves to be a part of that innovation and that change. So I think the question that you might be thinking is, if this is such a great opportunity, why hasn't anything been done about it yet? And I think the graphic to the right should kind of answer part of that problem. Solving Friscope III, solving for tracking carbon emissions across the supply chain is incredibly complex. This is just the supply chain for the manufacture of a solar cell for one company. I say you can imagine the complexity that we're looking at. And the problem is that until now, we simply haven't had the tools to solve this problem. And there have been three key challenges. The first is a cost. In order for this to work, every action that creates emissions in a supply chain has to be measured, reported, and verified by a third party. And so this is really expensive. And much of it has been manual until now. Companies are bringing in consultants. They're having to hire third parties to do this work. The landscape is also fragmented in how this information is being collected. They're using different standards. They're using different protocols. They're capturing this information in kind of silo databases. So the information isn't being shared. It's just not set up for this kind of collaborative approach to kind of information sharing. The last piece is trust. Companies aren't accustomed to sharing data. And when you look at the supply chain to the right, these are competitors. These are vendors. These are suppliers. These are all individuals, organizations that are trying to kind of maximize the proper margin. And information sharing, there's fear that that can lead to giving away a competitive advantage. So that's something that we need to overcome as well. Now, getting to the technology that we have in place that can allow us to actually begin to solve this problem. Distributed ledger technologies. And when I say this, I mean the combination of kind of the umbrella term, IOT, Oracle, Smart Contracts, combined with blockchain, had the ability to achieve cost efficiencies by essentially digitizing the process of measuring reporting and verifying and sharing and storing this information. DLT, Distributed Ledger Technologies, can also help us solve this issue of fragmentation by offering an open shared database where information can be shared. And importantly, there's also governance infrastructure in place that can allow industry stakeholders to build those standards and the different protocols for capturing this information and sharing it in a way that apples are apples and oranges that are being compared to oranges. That information, those standards can be built directly into the business logic for the smart contracts, also automating kind of the process and making it work more effectively. And the last piece is issue of trust. Once on the blockchain, data is transparent for all to see. It's also immutable, meaning that, you know, there's always going to be a record of it. And so since the database and the governance structure are open, to everyone who's participating, this allows them to kind of have control over how this information is governed. And finally, I'd also say that because it's a permission to blockchain because we're working with Hyperledger, participants also have a certain access of control over to rights of their information. So this, I think provides companies with the ability to kind of share information within kind of this network of stakeholders while being cautious that they're not really hurting themselves by providing sensitive information to potential competitors. So all those kind of combined to provide kind of an environment in which we can actually begin developing these solutions and we are. I wanted to kind of speak a moment about Hyperledger. The reason that part of the reason we're building with Hyperledger, obviously it's because it's open source. And the reason we're doing that is the challenge that we're trying to solve for, it's too great for any one organization to tackle. The only way to develop the power to scale to meet this problem is by inviting all stakeholders to contribute to developing, you know, their part of the climate challenge. And so, you know, we think that the end result is going to be a platform of platform. It's going to be a combination of, you know, open distributed technologies and private solutions. And so it's going to be kind of a complex environment, but we think at its core, at its base, it needs to kind of have an open source component to it. And so our strategy essentially is to build a successful supply chain decarbonization prototype. Like that's our focus. We want to prove its value and develop it in such a way that it can then be replicated to be used across different supply chains. And the industry that we're beginning with is the oil and natural gas industry in which my colleague Bertrand is here to share. He's been responsible for really launching, leading and driving this initiative. So excited to have him here. And with that, Bertrand, I'll hand over the presentation to you. I think we're going to take Q and A at the end. Okay, Sherwood, you're going to take hold of the slides? Yeah, I can. Yeah, perfect. I can progress before you. Yeah, go ahead, move forward. Yeah, so I'll be talking about project we're working on related to reduction of waste emissions with this idea of a supply chain token. So the figure you see here is a sort of composition of methane emissions from the energy sector. So oil and gas, coal production. So when we're talking about waste emissions here, emissions as a waste in general, we're talking specifically about waste by energy producers. So say a company that's producing natural gas, some of that natural gas is being wasted in the form of methane that's being leaked to the atmosphere or flared. Now just a heads up to people, this presentation I'm giving is from a longer talk I gave earlier this month. And I'll be rushing through some of the slides just to save time, we can get back to them later. Move on. Next slide, sir. Yeah, so what we're going to talk about here, what are these waste emissions we're talking about, specifically in the oil and gas sector? Why do they matter? And I'll get into a little bit about this prototype we developed under a hyperledger challenge that started in 2022 and using this blockchain carbon accounting project. Next slide. I won't get into the detail of this slide, but we're talking about different pathways for decarbonizing in this concept of a circular carbon economy. In the end that there's demand side management and supply side management. We're really talking about issues on the supply side really upstream of the gas industry and how do we reduce emissions? For example, during the extraction of oil and gas. Next slide. So yeah, there are different sources of emissions by the oil and gas industry. There's their own use of primary and refined fuels. But what we're looking at, again, are this waste resource that I was illustrating that figure, the vent and inferred gas. Next slide. Yeah, so what is this unutilized methane gas? Well, methane as some of us may know is a much stronger greenhouse gas than say CO2. It can be up to a hundred times stronger than CO2 on a GWP scale over 20 years. Over a longer period of time, a hundred years, it's going to go down to 28, but it's significantly higher. So that's just for leaky me thing. Now there's also the problem of flaring where the gas is put into this big stack that some people have seen in a refinery on gas field where the gas is basically flared and most of it converted into CO2. Now this is done both for safety reasons, but a majority is routinely just because there's no infrastructure to take that gas and sell it, right? To actually put it into the market. And if you're not able to use that gas, then basically you have to produce more gas because of this waste. So we're trying to look at ways to optimize, reduce the waste so that we can minimize the amount of the one gas needs to produce. One gas is an important commodity. It's not going to go away overnight, but we need to optimize its production as much as possible for ever going to achieve any decarbonization goals in less short term next slide. So what is the scale of the problem? Well, there's around 270 billion cubic meters. So you're in a matter of gas, natural gas wasted by the industry. Now this is around $60 billion in market value accounting for the five year average prices, an average five year price of the commodity. That's 7% of global gas consumption. 60% of consumption in the U and it represents more than what you imports from Russia. It's lost each year because it's just wasted. On an emission scale, that's 1.3 billion cars. And almost it can exceed depending on the DWP you apply to the global warming potential where the 5% of global emissions that we could solve. There were solutions that exist to get this problem rectified in the short terms over the next 10 year investment cycle. Next slide. Yeah. No, I mean the slide here is just to say the oil gas remaining in the future energy mix was talking about it's not going away overnight. I won't go into detail on this slide, the same the next one we can just skip over. This is just talking about the scale of the problem. So there's the two flaring leakage and venting. Now there's much more gas that's currently flared but the climate impact of the vented gas is much bigger again, because of the DWP and their various sources, right? There's fugitive methane leak, there's direct venting. So this is gas that companies are just releasing from pipelines and wells because they can't do anything with it. And there's different sources of flaring, right? So either routine or non-routine, some of it can be recovered at no net cost which I'll talk about in the next slide if we could just move on. Sure. Yeah, so what's the abatement potential for this methane problem? So the IEA has put together some very useful resources that looks at the problem across different industries. Agriculture is a major source, of course, energy is the other one. And if you look specifically at the oil and gas industry, 71% of just the methane that's being leaked has abatement solutions and 41% of that can be avoided, can be abated with no net cost. And what do I mean by no net cost? Well, move on to the next slide and I'll just give you a figure. What we're showing here, this very colorful figure shows a variety of different technologies that can be used to avoid methane venting, methane leakage. Now, it shows the cost of these technologies but scaled or adjusted based on the five-year average, moving average natural gas prices. So the gray shaded area basically shows all the technologies accounting for the price of the gas that could be captured, right? What the value of that to the market. So actually there's no net cost in these solutions. Everything on the right of this figure are other technical based solutions that would require some cost even accounting for the revenues from capturing that methane. So there is a commercial opportunity here. Is the revenue potential sufficient? Well, not for all solutions. We need a lot of efforts to drive investment and help industry overcome the risk or deal with the risk associated with these abatement solutions. Can we move on to the next slide? Yeah, so what we're talking about now is this creation of what people are calling the measurement economy. So this is providing additional secondary attributes for commodities like oil and gas that affect how they're used and how they're regulated or introduced into markets or even affecting impacting investors. So one of the major elements in the measurement economy is regulatory oversight but also some lighter voluntary action that takes measurement data about methane emissions and helps industry do or helps stakeholders do something about it. There are things like severing taxes and or direct emission taxes on methane and also a body of international pledges and partnerships to address the problem. Another interesting area of these competitive markets are what people are calling emission performance certificates. So the concept of responsibility source gas. So gas that is mined with a minimum amount of leakage or waste and also the space of ESG, environmental, social and governments investing. I was looking at how do we impact the access to and costing capital for sustainable projects? Next slide, please. Now, so looking at the oil and gas emissions, what is industry doing? I can move on. Next slide, yeah. I talked a bit about some of these voluntary commitments to reducing methane. There's a variety of pledges, the methane, the global methane pledge that was organized by several governments and was announced during the last COP climate meeting in Glasgow last year. The World Bank has a zero routine flaring initiative to help the companies listed in the middle of this slide to set targets to reduce their flaring operations and investors are stepping up. There was something called the series methane call which brought in 168 institutions with operating more than 6 trillion assets to look at solving this problem. Next slide. Now, Sherwood touched on this issue in the beginning of the presentation. There's this issue of a very fractured data landscape. How do we manage all these different data sources and stakeholders in the supply chain? Like I mentioned, we've got different government as well as multinational, international organizations working on the problem. There's a huge amount of company data that's self-reported at a corporate level but also an increasing number of third party instrumentation and certification services to address the problem and moving on to global observation technologies including satellite systems for detecting the problem. Now, how can we leverage this data in this measurement economy? Next slide, please. Quickly through this, this is just talking to some of these satellite mapping tools. So one is for flaring, specifically looking at visual flaring data from space. Next slide. Another is methane detection tools. Excuse me. So using satellites to detect methane leakage. Now there are a range of satellites coming out. Next slide, please. So now, what is the only gas industry doing? What is their participation in the measurement economy? And specifically looking how do we blend regulation with these voluntary action and markets and ESG investor commitments to reduce this waste? Next slide. So the first approach really is regulatory top-down sort of the stick punish the producer approach and this is a common sort of answer from policymakers on how do we adjust the problem? And this really is, it's a valuable approach. Now, there's a lot of challenges. Regulation is often lacking specifically in the methane emission space. There's just not enough enforcement. And also there are studies that show that regulators such as the EPA and the US have underestimated emissions by industry by significant amounts up to 60%. Carbon taxes don't really cover methane emissions to the scale that they need to have an impact. And this idea of severing taxes which requires companies to pay tax on the fuel that they extract from the ground often doesn't cover the waste of methane. So the resources wasted, which solution that missing incentive to say, okay, well get rid of this problem, this waste. Next slide, please. So one of the ways to sort of bridge the gaps in regulation are these early movers in this idea of sustainable commodity markets. So this is creating certificates for responsibly sourced gas and methane or methane performance certificates that essentially create a premium or tag a premium onto commodity markets. And just as an example of the RSG certificate trading of our RSG certificates is adding 1 to 2% on top of commoditized natural gas prices. And markets in North America are expected to grow to 20% of all natural gas sales in 2022 and 2023 expected to increase beyond that. So yeah, like I said, this can help to fill gaps in regulation, but there's a need for greater integration with institutional monitoring and oversight. So this is where, next slide, please. So this is where we get into the institutional ESG investing space or investor space. And specifically the emergent of these concepts known as KPI based financial instruments. So these are instruments like I mentioned earlier that basically factor in performance improvements or performance metrics by say an oil and gas producer into their access and also cost of capital. So there are two standard instruments, sustainability linked loans and sustainability linked bonds. And these can be used to very interest rate margins from five to 10%. Now the only difference between SLB and SSL or some of the difference is that SLB is a little less flexible and only is applied on the downside. So a project is given an interest rate, very favorable interest rate at the beginning of project and that interest rate can be marked up if they don't achieve their KPI goals. Whereas in SSL, SLL can be used to adjust rates dynamically up and down throughout a project. Next slide. Now the challenges ESG loans as they exist today or bonds have been shown to fail to charge corporation form exposed. Now there are a lot of challenges with getting these instruments in place. They can be very capital and labor intensive and there's a need to improve metrics to be monitoring the industries at scale to make these products work. These products work and to actually have an impact on access to and cost of capital. Next slide. Yeah, so what have we been working on to try and solve, help solve these problems? So like I mentioned earlier we've been working on this prototype submission under this hyperledger challenge 2022 challenge for issuing emission certificates in a fuel supply chain looking at this problem of claim, review, revise, verify and certify information for the measurement economy. Next slide. So what we've been doing is building on top of this hyperledger labs project called the blockchain carbon accounting project which provides this public good for climate action for a variety of stakeholders that participate in this idea of the measurement economy. So obviously we have the producers and consumers of energy commodities, the investors, regulators, which I spoke about but importantly the verification and certification standard agencies that play a central role in operating the measurement economy and the sort of markets and also the tech companies, data providers that participate in the measurement economy. Next slide. So what we're working on within this project is the ideal of programmable contracts for managing carbon emissions. Now for those of you that aren't familiar with this concept of a smart contract essentially it's just a programming at your traditional contract that can be executed within a distributed network like a blockchain. So you've got several different parties in the contract you're in say your oil and gas producer, your consumer investor regulator and a blockchain where this contract is deployed. Now this blockchain represents an agent that executes the contract on behalf of the principal say the producer and the consumer of information that the producer is having to certify. And we're looking at two types of contracts in this tool, in the tooling that we're building. The first type focused specifically on the audit and verification process. So looking at nominating, voting, selecting and even rating auditors that are used in the sort of standard setting verification agencies. And doing this using the concept of a decentralized autonomous organization. So using a doubt to facilitate this audit and verification process but also creating contracts the second one for mission certification and allocation. So this issuing tokens that can be used to track waste emissions and commercial transactions. Next slide. So what is a business model look like? So we have all of these stakeholders. We have these two contracts. So there are emission verification contracts for this so-called auditor doubt where services for industry or data for industry is pooled and matched to auditors that can provide verification services. And then this feeds into the certificate contracts where we have mission tokens, even non-fungible tokens and representatives digital assets that can be used in the measurement economy with the consumers and investors and regulators. Next slide. So to build this sort of business model where we've been conceiving a distributed data architecture for the greenhouse gas managed emission management. Now there's a lot going on in this architecture but three basic components and these are sort of highlighted at the bottom of the slide. So on the far left, we've got this idea of data aggregation and management. So I talked about all these different data sources the fracture data landscape. So essentially what we're doing here is building tooling within the distributed electric technology space to facilitate how this data is managed whether it's coming from sources from the web, mobile instrumentation or even remote sensors like satellites from space as well as enterprise resource planning or ERP data feeds. So this is on-site facility measurements provided by industry. Creating APIs and this idea of an oracle servants or services that can bridge that data into the next element of this data architecture. And that is emission verification and monitoring tools. So the idea of a DAO to match data to auditors, review of modern them but also provide funding pools. So to match data verification needs and to the sort of they're willing that the money that they're putting forward to have that data verified to auditors. So this funding pool to match verification payments. Things like verifiable credentials which are being growing space in the DLT innovation are obviously necessary for managing participation in the DAO but also private data channels. So as Sherwood mentioned, the sort of commercial sensitivity and privacy issues related to how data is used. Now the last step is getting this information verified into the measurement economy by issuing audit emission tokens. So these different digital assets that can be used by certificate markets, the investors and also regulators or voluntary agreements for the measurement economy. Next slide please. Yeah, so we talked about these emission token applications tracking emission performance from producer consumers. So this is really important whether it's for voluntary action or also regulation. Sherwood mentioned the idea of a or this policy by the, launched by the EU government called the carbon border adjustment mechanism or CBAM and tracking emission performance is going to be very important. Now the CBAM doesn't currently cover the oil and gas industry but it colors other industry like steel and cement that use oil and gas and understanding tracking emissions across these industries is really important. So this tooling could be deployed to facilitate enforcement of those regulations or how they operate to price emissions in cross-border trade. I already talked about voluntary certification as key to realizing value in carbon markets creating this price premium on commodity pricing. And of course the KPIs financial instruments that I mentioned using the emission tokens to first comply with reporting requirements. This is creating access to capital for companies that are focused on sustainable production but also creating this idea of an NFT as an emission certificate, right? That can be surrendered to access preferential interest rates. So the cost of capital. So integrating these digital assets into the operation of SLL and SLB programs by institutional investors. Next slide. We can move on past this is just the illustration of sort of tracking and I'll just close out the presentation. Go back. I'm talking about the tech stack that we're using. So this is looking at specific components that Sherwood mentioned in the presentation. We're using hyperledger fabrics. So this enterprise level watching network for managing the high volume data. So this sort of data management space, hyperledger BESU for sort of trading between trusted supply chain partners. So example, oil and gas industry players and also public networks like Higara Hashgraph and the Binance Smart Chain where we can have emission tokens that can be used for trading with public customers and hyperledger cactus is a tooling to facilitate interoperability across these different DLT tools. Next slide. So just talking about our emissions certificate contract prototype. We completed the first stage. There's a demo video for those that are interested, accessible at this link. Hopefully we can share these slides so people can filter through this content at their own needs. So you can watch that video and also this submission on this wiki that was sent in May. We're in the next stage of the project. So essentially launching this as a product that can be used specifically by ESG investors. So creating this emission certification tools for informing ESG decisions. And we're even incorporating that into an IBM call for code initiative. So we launched a project to try and invite developers particularly on the front end. So UYUX developers to help us get this sort of concept to a usable product. And I invite anyone on this call that's interested to look up the call for code and set up account and if you're interested, join our project which is listed there. Yeah, so I think that closes out my presentation. You want questions? I wanna ask questions, but we're happy to have to answer. Awesome. Yeah, if there's any questions for anyone, feel free to enter them in the chat. We'll get them answered. Yeah, while we're waiting on questions from the audience, I wanted to kind of also invite anybody who's interested in kind of learning more or getting involved with this work to join us. The Climate Action Accounting SIG has general meetings every second Tuesday, I believe, of the month at 8 a.m PST, Pacific Standard Time. We also have, in addition to some of the technical opportunities that Bertrand mentioned, in particular, building and working on kind of developing this particular solution. And I know Bertrand's kind of putting together kind of more specific information on what we're looking for. We also have non-technical contribution opportunities. One of them is kind of a marketing comms role to kind of help get the word out about global climate accounting. And you can find information about it by kind of clicking on our homepage on this link. We're also looking for research support in stakeholder analysis for the oil and gas, natural gas industry. And yeah, we'd love you to kind of join our meetings, find out about some of the different work going on. We oftentimes have special guests, presenters, and we'd love, yeah, we'd love for you to join. You can see here, I think I'm seeing some questions. Can you talk a bit about token standard appropriate for emissions, NFT, fungival, et cetera? Bertrand, do you want to speak to that? Sorry, can you talk a bit about this? Sorry, yeah, standard appropriate for emissions? Yeah, so I guess the question is related to, the different sort of token types and how would you use that for certification of emissions? So we've been looking at what we've been using from the Open Zeppelin Group, their standards for multi-token smart contracts, where we actually use a combination of both non-fungible and fungible tokens. So when you're talking about, say carbon emissions, you could describe this as a non-fungible sort of token, right? Company emits different sources of emissions, all those different emissions are fungible. And you have also things like products, we're talking about oil and gas. You can issue tokens, which we're working on doing, for say oil and gas to facilitate tracking of those commodities through a supply chain. Now where emission non-fungible tokens come into play is where you have an emission certificate, which is unique for a given product, project, facility or product, which takes these fungible emission tokens and product tokens and produces an emission factor for them or performance metric. And this is how we are using the non-fungible token model right now, for example, to feed into like these sustainable financial instruments. So a non-fungible token is unique to a project and can be used as a digital asset for adjusting interest rates for that project or the manager of that project. So that's maybe to help answer the question about the standards that we're using and how we're using them. But yeah, I mean, I think I would also say like there, the standards bodies that are out there, this large, very successful standards are being developed, the greenhouse gas, the GHD standards, the gold standard, they're developing standards for kind of tracking and quantifying emissions activity. There's also the kind of standards works being done around supply chains. And so the good news is that we can kind of build on top of their work and build those standards directly into the solution that we create. I just wanted to also clarify one thing. There's a bit of track going on right now about carbon credits. So work we're doing right now doesn't touch specifically on like the carbon credit or offsetting space. Like I said, it's primarily for performance certification. So tracking emission data. Now, some people will use these certificates sort of in a voluntary context to say, okay, I performed below an industry sort of benchmark emission performance. So I can see this as a credit. I don't see it that way, but our focus really is on that sort of performance certification, not the offset credit marketplace. And there's a growing number of players that are looking at using sort of tokenized offsets on a blockchain. That's not our focus right now. There's a lot of different perspectives on that. Our focus is really on the emission certification and verification work. Yeah, I think that's a really important point. There is a lot of focus on trying to solve the climate challenge through emissions, essentially by renewable energy credits. And I'll share kind of a conversation I had with an individual in the oil and gas industry and it's definitely, it's not how the sick feels, but it's how I feel it's the equivalent of like having credits for how you kind of shared something that basically saying when you have kind of carbon credits you're still burning the oil. You're still kind of smoking the cigarette. And so we're really focused on really developing a system that's focused on minimizing the emissions that are happening through our production processes. We are trying to develop a solution that can really kind of help bring financial incentive to reducing carbon emissions. And I think that's really critical because the renewable energy credit market, it's a very large market. It's where a lot of the focus is. I think that a large focus is going to very kind of quickly turn to solutions that focus on reducing emissions and not putting it out of the atmosphere and buying renewable energy credits. That's, in my opinion, kind of a short-term solution to a long-term problem. We're focused on the long-term solution. Yeah, there was a question. I'm sorry if we skipped over some of the earlier questions, but this came up on how about choosing the greenest blockchain for these type of applications. And that's a very important decision point to consider when you're building a type of solution with all these different tech components. And that factored a lot into how we're considering deploying these sort of tools. Choosing a, there's a lot of talk around the environmental impacts and particularly carbon impacts of blockchains like big blockchains like Bitcoin and Ethereum network. Now, that's why a lot of our sort of enterprise data level management, we're focusing on enterprise blockchain solutions like Hyperledger Fabric. Now these are permission private networks. They have much lower decentralization sort of elements to them. And also they don't have the same environmental impact as say the Bitcoin network or the Bitcoin mining and all that stuff. They have different concepts that are much more environmentally efficient. But we're also looking at public networks which are really important to move from the sort of private industry data to the sort of accessible, transparent, verified emissions space. These public networks that are also more environmentally friendly. Hedera hashgraph, which I mentioned is one of the tech platforms that we're working on deploying our solution to that is prioritized on minimizing energy use for these distributed networks. So really important to consider. I'm seeing another question. Did you address this when Bertrand has consideration been given to oil and gas SMEs emissions data collection needs and constraints? And that's basically digitized in the MRV process, right? Yeah. So there is a lot of work being done just on the industrial solutions for MRV, including digital MRV based on blockchain. So this is really a sort of data mining, data collection problem. We haven't been focused specifically on that, although we've been looking at the industry solutions that exist, the data that they're already collecting, their ERP systems and how we can build our tooling to facilitate bridging that into the verification space. Our work is really focused on creating a DAO, verifiable credentials that are used by the DAO to manage the business operations associated with verifying data, right? Which is really the work that these standards heading bodies and verification agencies are doing. But it's really important to understand, like you mentioned, the data space. So whether it's independent data from satellites, we've been looking, talking closely with those providers, but also the industry data. We're looking right now for oil and gas companies, specifically in the SME space that have, are already collecting data about their operations that could be monetized in this idea of a measurement economy, right? That we've been talking about. They're not leveraging that yet. The data is there. It's just a matter of how can we support those efforts? So monetizing existing data streams and there are a lot of existing data available that companies are collecting internally which is don't have these other uses for them, right? They're just optimizing internal operations, not creating these sort of secondary market incentives. Yeah, and if anybody on this call as well, what we're always on the lookout for players in the oil and natural gas space that might be interested in just having an informational interview where we're always interested in kind of understanding their pain points, looking for partnerships for people that are interested in kind of prototyping and kind of testing the solution and kind of kicking the wheels a little bit. So please do let us know. Hello, sir. Yes. Hello. May I have a question, please? Yes, please. Yeah. Actually, I want to know the proof of ESG. As in ESG, the work is recorded on like some sustainable report form that is taken from the like IoT devices and sensors and all. But I want to know the technically how the proof of ESG works and what consensus mechanism, what like we have a proof of elapsed time or proof of work, whatever, what kind of a consensus mechanism is used in the proof of ESG? Is it my question clear or do I need to... No, I understand the question that you're asking is sort of how is this proof provided from a technical perspective, right? The sort of consensus that really... I mean, like I mentioned, we're developing a variety of solutions which deploy a variety of consensus mechanisms, right? Hyperledger fabric for use that are more technical savvy uses, what's known as the RAF protocol, which is just consensus around across known permissioned actors in the system. So in that case, that's very much, how traditional ESG proof works, where you know your actors, the providence of trust in those actors is established, they may recognize entities, they're just recording this data on a distributed network to facilitate the information sharing. Now, you could also have that in a more public network where the proof of ESG that you're talking about is supported by additional distributed consensus or voting through something like a DAO or you don't only have these recognized companies that are participating in permission chain, but you may have other public entities like Sustainable or Environmental Activist groups, government agencies or whatever you have that are participating in this sort of proof of this is a trusted ESG metric. Now, that's a question of design. We haven't really, we're not dictating how companies will go about the proof of ESG. That's a matter of working with the industry and identifying what's suitable for the needs of a given institutional investor. So you mean to say it depends on the private industry or from how they work for that? So if you're using this, for example, in a financial instrument like an SLL or an SLB, right? There's a financial institution that issues that if they decide, for example, set up a sandbox or a box or an innovative program that uses blockchain like the tools we're developing, they would have to get specify what are the requirements that they would set to use a product like that, this sort of digital asset to operate an agreement on how an SLL, like interest rates in an SLL are determined. They may not be comfortable using a public network for that initially. The benefits of that approach can be difficult for a big institutional investor to hop on to. We believe that decentralization had a huge amount of value in that sort of verification process but there may need to be some enterprise, private or permission solutions avails to the institutional investors early on. So yeah, it's a matter of configuring it to the client. Thank you very much. Thank you. There's a question, qualification criteria and assurance processes for carbon verification exist, how will blockchain improve or enable this key element? And I think at a very high level, the idea is to digitize these processes, to automate these processes. And that's essentially what blockchain along with oracles and IOT and smart contracts are developed to do instead of making it a manual process when you have somebody walking around checking things and updating Excel spreadsheet. This is not possible to do with the complexity of the supply chain in a cost-effective way. The only way to really be able to do this at scale is to be able to automate this process and the distributed technology tools and the solution are the tools to do it. Does that answer the question about hidden baritron? Yeah, no, I mean, it's an element. Just to build on what Lolan is mentioning here. Yeah, I mean, there are existing agencies, these sort of criteria processes that are already in place. And it's really important, any benefit that a blockchain can add to what exists already has to build on the sort of trust networks and trust layer that exists in the real world. Now, what we're talking about like Sherwood mentioned was automating some of these business processes. Now, a lot of the ongoing work that in the methane verification space that companies like MIQ that I mentioned in my presentation or there were lists in the presentation, S&P, Global Solutions, their work is onboarding auditors and matching auditors to data sources to get these products to market. What we see how we see blockchain contributing to that is these matching services. And again, taking those matching services and digitalizing the data so they can help scale the markets for products based off of these metrics. These are still early stage markets. There's a lot of market friction and even onboarding challenges and cost barriers for small players to get involved. And we see DLT as a way of helping to bring down some of those barriers and help these markets scale as to address these problems in a more urgent way or to implement these solutions in an urgent way. Okay. Well, I'm not seeing any further questions. We will work with Chris to share this presentation with you. We'll also include information and warmly invite you to attend our next hyperledger climate action and accounting general meeting, meet some of the different players, learn about some of the different projects that are being worked on. I want to thank everybody so much for your time and interest. We had a really great participation. Thank you to Chris and David for helping us organize this. And we're trying to give anything in closing. You wanted to add? Yeah, I could that. I mean, I've always enjoyed these meetup activities and it's great to participate in one. And please know anyone who's interested in learning more. Hopefully we can share the presentation with the group and please reach out and let us know in your interest. And if you'd like to participate in some of our ongoing tech development exercises or just communication and sort of management operations. Thank you. Awesome. Thanks again, both of you. That was fantastic. Thanks again everyone for participating. Thanks everyone. Just I got a question then I put in the question chart. Chat chart, would you please check it? Sure, sure. Do you want to just share it right now? Well, I look forward. Yeah, feel free to just tell us. Is it that maybe Proof of ESG wants industries to use BSV in order to verify ethical claims? Is that what it is? Is that your question? Yeah, yeah. Thank you very much. Proof of ESG for using BSV, blockchain and Bitcoin S3. Yeah, it could be an option. I've been reading up on BSV or I need to read up on BSV. Again, it depends on the industry or the institutional investors knowledge and understanding of how these technologies work and whether they are suitable to their needs. If you have any insights, additional follow up to that on why you think BSV would be suitable, please share with us here or offline. Yeah, I will share it actually with you. There is an application name is Handcache. And through that Handcache, everybody can purchase BSV. It's like a decentralized Handcache is something like let's say marketing company of Bitcoin S3, BSV. And you can send this BSV through this Handcache application to your friends within a second and with very, very low transaction fee. You can just try it out. Yeah, I just found it interesting because I have been in a BSV conference last month in Dubai. So I got many, many just good informations. But I have been in BSV since last year, but I was not, I didn't believe on BSV that much but after this conference and like installing Handcache application, I think it works and so many like University of Sharjah in Sharjah UAE and some other institutes, they started using BSV for their applications. Yeah. Yeah, that sounds like it's very applicable to the financial sort of currency or transaction space which may not necessarily be suitable for the ESG proof, but how those proofs are then being used in financial transactions. It could be an interesting avenue of deployment. There's just one last discussion that I wanted to hit on before we close off. I know we're over the hour now. And that was from Mary about engaging with companies, particularly companies in Canada. So just to let you know, the consultancy that I'm currently directing or set up, I'm based in Montreal. I'm planning to move out to Alberta and engaging both with the federal government and also private industry on how these solutions could leverage ongoing efforts within Canada to address these problems. So something that we're looking at closely, if you have any leads you'd like to share, please reach out to us. You can find me on LinkedIn. Great, okay. Thank you again, everyone. Appreciate it. Thank you. Thanks.