London (16 January 2023) – IMPT, a leading carbon-offsetting ecosystem, has closed a sourcing deal worth up to €50 Million to purchase carbon credits from blockchain-based carbon credit marketplace Thallo.
The deal will see IMPT purchase carbon credits with an anticipated value of €50 million over 10 years. At current market prices, the deal will help to offset some 12 million tonnes of carbon over a 10-year period – equivalent to the carbon footprint of nearly 2.6 million people globally.
Founded in 2022, IMPT is a global carbon-offsetting ecosystem designed to connect leading retail and e-commerce brands with socially conscious individuals and businesses seeking to reduce their carbon footprint.
Today’s deal with Thallo represents a major milestone in the development of a platform that will enable IMPT community members to quickly and easily convert IMPT’s native token into carbon credits and allocate them to a range of environmental projects.
IMPT sources high-profile tokenized carbon credit
Commenting on the agreement, Denis Creighton, Chief Executive Officer of IMPT, said, “We are thrilled to partner with Thallo to source high-quality tokenized carbon credits for our protocol.
“We appreciate and share Thallo’s commitment to promoting transparency and integrity in the carbon credit market.
“There is substantial opportunity to bring the Web3 and business industries towards low-carbon solutions, yet significant work needs to be done.
“Putting these credits into the hands of our community is the next step in realising our vision of building a global network of people who want to play their part in combating climate change by taking small actions in their everyday lives.”
The agreement includes an initial 3-year purchase of €3.6 Million worth of carbon credits and a Memorandum of Understanding for a wide-ranging partnership over the 10-year period.
Carbon credits purchased from Thallo’s diverse portfolio of project developers are helping to reduce carbon emissions and combat climate change.
Unretired credits bridged onto the Polygon blockchain using Thallo’s technology
The live, unretired credits will be bridged onto the Polygon blockchain via Thallo’s two-way bridge from existing carbon registries, including BioCarbon Registry in Colombia.
Through the two-way bridge, companies and individuals can move credits on and off the blockchain, allowing for easy buying, selling and retiring of credits with full transparency and traceability.
The partnership with IMPT represents the first use of Thallo’s ‘Bridging-as-a-Service’ offering, which allows Web3 companies to integrate carbon credits directly into their own infrastructure, and aids Web2 companies in B2B2C contexts by allowing e-commerce customers to offset the impact of their purchase.
“Thallo’s ground-breaking infrastructure enables voluntary carbon market innovators to access an ever-increasing number of registries with a simple integration model,” said Ryan Gledhill, Thallo Co-Founder and Chief Executive Officer.
“The market is one of the world’s most impactful tools to combat climate change. IMPT’s innovative model introduces a new swathe of consumers to the market, and will continue to scale alongside Thallo as we onboard more market suppliers in 2023 and beyond.”
About IMPT
IMPT is a leading carbon-offsetting global ecosystem designed to connect top retail and e-commerce brands with socially responsible individuals and businesses seeking to reduce their carbon footprint.
IMPT strives to demonstrate the true impact of Web3 by enhancing access and traceability in the carbon credit industry. Join the IMPT community on Twitter, Discord, YouTube or Telegram.
About Thallo
Thallo uses first-of-its-kind blockchain technology to revolutionize and democratize the carbon markets, making it easier for buyers and sellers of high-quality carbon credits to find each other.
Its team of veteran blockchain entrepreneurs and climate tech professionals combine technological expertise with deep sustainability knowledge to build the carbon marketplace of the future.
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