[London] IMPT, a 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 annual 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.
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. IMPT will purchase carbon credits from Thallo’s diverse portfolio of project developers, which include both carbon removal and avoidance projects from five different continents. 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 agreement 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 and other end 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 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.”
