Science
KlimaDAO Cleans Up HFC-23 Credits From the Base Carbon Tonne (BCT) Pool
SAN FRANCISCO - September 15, 2022 - (Newswire.com)
KlimaDAO has announced that it has allocated a limited amount of its treasury holdings to remove the HFC-23 credits from the Base Carbon Tonne pool and "burn" them - an act which means that the environmental benefit of these tokenized carbon credits cannot be claimed by any entity or organization. You can view the details here.
HFC-23 carbon credits were phased out from the Verra Registry in January 2014 after they were banned in the compliance markets, with concerns cited around HFC-23 facilities gaming the system to create new carbon credit issuances that could be sold on into the market for a profit.Â
Two carbon projects had been registered with the Verra Registry prior to the phase-out, with one issuance made from the Yingpeng HFC23 Decomposition Project of 4.5mn credits. A number of these credits remain live on the Verra Registry, meaning their environmental benefit can still be claimed through the retirement of the credits. Data from AlliedOffsets shows that up until 2020, these credits have been retired by a number of entities to claim their environmental benefit.Â
The initial design of the Base Carbon Tonne pool by the Toucan Protocol allowed a broad range of carbon credits to be deposited in the pool, providing they had a vintage of 2008 and onwards. It wasn't until a number of HFC-23 credits had been deposited into the pool, and concerns were raised about the quality of these credits, that the depositing of HFC-23 credits was blacklisted by Toucan.Â
Today, KlimaDAO holds over 90% of the Base Carbon Tonne pool within its treasury reserves and its liquidity pools on the SushiSwap platform. The primary function of the credits within the liquidity pools is to enable users of on-chain carbon to acquire tokenized carbon credits and claim their environmental benefit of them efficiently and transparently by retiring them on the blockchain using KlimaDAO's retirement aggregator infrastructure.Â
To address concerns around the quality of these credits, KlimaDAO utilized its decentralized governance process to host a discussion with its community members on its Forum about the removal of these credits from its ecosystem. A token vote of the community members on the SnapShot platform passed with 83% approval to destroy the credits.Â
The approximately 672,000 HFC-23 credits in the BCT pool have now been burnt and removed from KlimaDAO's tokenized carbon credit ecosystem.Â
Drew Bonneau of KlimaDAO said, "Both market commentary and the available data on the HFC-23 credits demonstrate to us that this credit is considered at best low-quality, and at worst valueless. After discussing the issue with our community it is clear to us that removing these tokenized carbon credits from our ecosystem is the desired approach."Â
Bonneau added, "One of our strengths as a DAO is that we are able to bring in the perspectives of our 70,000-strong community, which includes a number of advisors from across the carbon market - we are grateful for their engagement and encourage continued participation with our DAO's governance processes as we develop our ecosystem in line with market needs."
About KlimaDAO
KlimaDAO is an on-chain scaling solution for the Voluntary Carbon Market. By combining tokenized carbon credits with a blockchain-enabled technology stack, KlimaDAO aims to open up the market to greater transparency and efficiency.
If you are interested in participating in KlimaDAO's governance process, join the Forum. If you are a business looking to offset your carbon footprint, get started here.Â
For more information, please see https://polygonscan.com/tx/0x4dc5dc1b6e7d2a6c58ff244a8e2bf8dcd6e93c3576f6bcf9f24de9329f4753c1
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Original Source: KlimaDAO Cleans Up HFC-23 Credits From the Base Carbon Tonne (BCT) Pool
KMC Controls Celebrates Employee’s 52 Year Career
KMC Controls®, an industry leader in building automation, is at once delighted and saddened to announce the retirement of Chris Kreuter, an innovator whose career spanned more than 50 years with the company.Â
Chris' career started 52 years ago when his father, Ken Kreuter, founded Kreuter Manufacturing - today called KMC Controls.
In the late-1960s Ken realized an opportunity to form his own company. "My dad wanted to design a line of controls of our own," explained Chris, "and that's what we started doing. We built molds and dies to make our own parts and our own controls."
At the company's inception, Chris worked in partnership with his father, two of his brothers, and future brother-in-law. "I was making parts on a lathe and also on a punch press when I was a teenager," recalled Chris, three of whose brothers continue to work at KMC. Together, along with other family members lending a hand when and where needed, they fashioned parts and equipment to Ken's designs in a three-car garage. "We used to work 12, 14 hours a day if we had to."
In the mid-1970s, the young company relocated from Winnipeg, Canada to Thief River Falls, Minnesota. By the 1980s, manufacturing split off and moved to a site in New Paris, Indiana. By the close of the decade, the company had consolidated its engineering and manufacturing operations to its expanded facility in New Paris.
As the business grew, so did the scope of Chris's roles at the company. "I started doing some of the tool design in the '80s," he said, "and I was doing some of the product design in the '90s."Â
A small sampling of HVAC hardware he helped develop include wall-mounted sensors, the proprietary line of KMDigital controllers, the Conquest series of BACnet controllers, and the Company's new Indoor Air Quality line of controllers and measuring devices, not to mention a system for coupling an actuator to a valve or damper, for which he holds a patent.
In his more than five decades in the business, Chris has witnessed firsthand sweeping changes in technology and how it is applied to facility controls. "We went from pneumatics [controls that use compressed air as the signaling medium] to computer electronics on all aspects of a building," he said. "That was the biggest change I've seen."Â
In that same time span, KMC Controls has managed to grow while remaining true to its origins as a family-owned business committed to innovation and to the success of its customers.
Today, the original machine shop has given way to a state-of-the-art tool and die facility under the same roof as the engineering department and factory floor. Having all those capabilities in house remains one reason the company can take a concept from drawing to working prototype in a fraction of the time it takes other manufacturers in the controls industry.
Looking ahead, Chris said he looks forward to having more time for his hobbies. "I'll probably do a lot more hunting and fishing," he said. A pilot who has logged more than 4,000 hours in the air, he is also an avid vintage motorcycle collector.
Looking back, said Chris said he enjoys the friendships he's made at KMC. "Good folks here," he said. And he plans to check in on them at KMC from time to time. After all, it's another opportunity take one of his 1930s- and 1940s-era Harley Davidson cruisers out for a ride.
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Media Contact:Â Jason Mills, (574) 831-8196
Press Release Service by Newswire.com
Original Source: KMC Controls Celebrates Employee's 52 Year Career
