Meet our experts: Nick Zwaneveld
Nick Zwaneveld is the CEO of Coorest, based in Rotterdam, Netherlands. He is also a DeFi consultant, crypto investor, and trader. Coorest offers web3 solutions for traceable and verifiable CO2 compensation. By integrating satellite data on-chain, both businesses and individuals can trust the high-quality CO2 compensation provided by Coorest’s decentralized platform. In addition to its environmental benefits, Coorest strives to make a positive social impact. The certified Coorest Carbon Standard enables smaller green projects and farmers to join the Coorest platform at no cost, allowing them to sell their CO2 and generate additional revenue to reinvest in their business and community. Coorest issues NFT in the form of CoorestTree tokens (“NFTrees”) and Coorest’s Carbon tokens ($CCO2 ) in proportion to the characteristic of their project and the CO2 absorbed by it.
The Tokens are part of the voluntary Market and can be operated, sold, and/or bought. Coorest is the first certified standard for blockchain-based CO2 compensation powered by smart contracts and satellite data.
At this moment, I primarily observe the convergence of multiple technologies. For instance, Floodlight Invest is leveraging satellite technologies for precise measurements, which I see as the starting point. These measurements are then translated into value through tokenization, where data around an asset, particularly a nature-based one, is converted into something valuable represented by a token. With the emergence of AI technology, we are entering a parabolic phase of development. AI simplifies platform development, concept building, and coding. It allows for AI-monitored measurements to be tokenized and transported globally. Blockchain technology, being borderless, eliminates barriers from traditional finance, particularly in developing countries. The convergence of monitoring, AI, and blockchain technology is propelling us into this accelerated development phase.
However, the carbon markets are currently in a difficult stage. They are highly political, with governments dictating the direction, unlike markets driven by natural supply and demand. This market, created to enforce environmental policies, is struggling. When it started over 20 years ago, few players and new technology led to monopolies, causing problems as many carbon credits are now inadequate. Efforts to correct this through blockchain technology and DRMRV face challenges due to the market’s politicization and public skepticism. Current big lawsuits and potential scams exacerbate the difficulties, and I’m skeptical if blockchain alone can resolve these issues.
Blockchain must be combined with DRMRV because data verification is essential; without it, tokens are worthless. We are in a gray zone with uncertain outcomes. Efforts to combine data with tokens aim to enhance transparency and reliability, restoring trust in the market. However, the largest segment is the compliance market, involving trading emissions rights, which is unrelated to initiatives like tree planting. The compliance market is controlled by a few major players, creating a closed, cartel-like environment, with minimal retail participation.