Carbon credit marketplace Thallo just announced a 10-year deal with IMPT for the purchase of up to €50 million ($54.4) worth of carbon credits.
IMPT is a brand new shopping platform that supports environmentally-conscious brands by connecting leading retailers with individuals and businesses that are looking to minimize their carbon footprint.
Dubbed a ‘carbon-offsetting ecosystem’, IMPT was founded in 2022 and is determined to provide e-commerce and retails brands with a means to offset their emissions in a credible and transparent fashion.
And the new deal between IMPT and blockchain-based carbon credit marketplace Thallo will see to just that.
The agreement will see the shopping platform buy carbon credits with a projected value of €50 million (~$54.3 million) over the next 10 years, which is expected to offset around 12 million metric tons of CO2 in that period, if taking current market prices into account.
This marks a significant milestone not only for IMPT and the development of its platform, but for the carbon credit market in general, as the funds will be distributed among a whole range of environmental projects.
It should be noted that the deal features an initial 3-year purchase of €3.6 million (~$4 million) worth of carbon credits, and a Memorandum of Understanding (MoU) covers the broader 10-year partnership.
Thallo has a large and varied portfolio of carbon projects from around the world that include both carbon removals and carbon avoidance.
The first batch of live credits are set to be bridged onto the Polygon blockchain from existing carbon registries with the help of Thallo’s two-way bridge, which marks the first use of the blockchain-based marketplace’s ‘Bridging-as-a-Service’ offering.
This offering enables Web3 companies to directly integrate the carbon credits into their infrastructure and allows Web2 sites to provide their end customers with a means to offset their purchase emissions.