IMPT has announced a deal to purchase up to €50 million in carbon credits from Polygon blockchain-powered Thallo.
IMPT is a carbon-offsetting ecosystem aiming to connect brands and commerce to individuals and businesses interested in reducing their carbon footprint. Thallo uses blockchain technology to facilitate carbon offset markets.
According to a statement by IMPT, the deal is anticipated to take place over ten years and, at current prices, will help to offset approximately 12 million tonnes of carbon over a 1that period or about the annual carbon footprint of nearly 2.6 million people globally.
Denis Creighton, Chief Executive Officer of IMPT, said they are pleased to partner with Thallo to source tokenized carbon credits for their 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 initial transaction is expected to be for a 3-year purchase of €3.6 million worth of carbon credits and a Memorandum of Understanding for a partnership over the 10-year period. IMPT will purchase carbon credits from Thallo’s portfolio of project developers, which include both carbon removal and avoidance projects from five different continents.
The agreement with IMPT is said to be the first use of Thallo’s ‘Bridging-as-a-Service’ offering, which allows Web3 companies to integrate carbon credits directly into their own infrastructure.
“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 carbon 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.”