Ripple has partnered with Thallo to create a blockchain-based carbon credit marketplace.
Climate Collective and Thallo have joined forces to create a Web3-based marketplace that will use the XRP Ledger to ensure the immutability of information and increase transparency and efficiency.
What is a carbon credit?
The right to discharge one ton of CO2 or an equivalent amount of other greenhouse gases (tCO2e) into the atmosphere is effectively represented by the term “carbon credit.”
The primary goal of establishing these credits is to reduce CO2 and other greenhouse gas emissions from industrial sectors to lessen the consequences of global warming.
Companies that release too much CO2 into the atmosphere have long been compelled to purchase these credits from other businesses that produce energy without releasing harmful carbon emissions into the atmosphere.
Ripple-Thallo partnership
Thallo hopes to democratise the carbon credit market by enabling direct matching between buyers and sellers. By facilitating the direct matching between high-quality buyers and sellers, it seeks to address issues with conventional markets, particularly liquidity and price data opacity.
Ripples’ XRP Ledger is a decentralised public blockchain already carbon-neutral, and the company’s focus is to integrate its protocol as a database tool to expand green energy projects.
In alignment with Ripple’s commitment to supporting carbon neutrality in the cryptocurrency industry, Thallo is working to contribute to the market to increase liquidity, scalability, and price accessibility.
Along with Ripple, VenTree Innovations, InPlanet, BioFix, and TrendCO2e are the other founding partners of the new platform. The Carbon Business Council and Crypto Climate Accord are signed as the project’s integrity partners. Chainlink, Aklimate, and Celo Foundation are three of the 14 innovation partners of the Thallo.
Climate change issues have been a top concern for leading nations. For the first time in 2021, voluntary carbon credit markets had a total market capitalisation of almost $2 billion and are forecast to rise to $150 billion in the following eight years. Many private businesses and organisations, both large and small, have committed to achieving several notably ambitious climate goals. Carbon credits will be in high demand to support these goals.
