New Digital Asset Helps Customers Offset Their Carbon Footprint

Highlights :

  • US-based Terrapass has launched Terrapass Coin (TPSC), a digital asset that works as an ERC-20 token on the Ethereum blockchain system.
  • With Terrapass Coin, customers can own, buy, sell, trade, or offset their carbon footprint by managing their TPSCs received through designated Terrapass products, giving them control of their carbon offsets.

US-based Terrapass has launched Terrapass Coin (TPSC), a digital asset that works as an ERC-20 token on the Ethereum blockchain system. With Terrapass Coin, customers can own, buy, sell, trade, or offset their carbon footprint by managing their TPSCs received through designated Terrapass products, giving them control of their carbon offsets like never before, said the company in a statement.

Terrapass, a renewable energy solutions provider, is a member of the Just Energy Group. The latter is a retail energy provider specialising in electricity and natural gas commodities and bringing energy efficient solutions, carbon offsets and renewable energy options to customers.

Terrapass has created and published a Terrapass Coin Standard, which is available on its website. Having allotted a set amount of carbon offset inventory that meets the Standard, Terrapass has minted one Terrapass Coin for every metric ton (mT) of carbon offsets reserved for TPSC products. As customers purchase offsets from designated TPSC products, customers will also receive one TPSC for every mT of carbon offsets they buy. The TPSCs are transferred to a customer’s digital wallet, on a quarterly basis, giving them the option to hold, gift, trade, or use TPSCs to offset their own carbon footprint as they see fit. The environmental benefit from one mT of carbon offsets is equivalent to avoiding over 2,500 miles of driving.

“Modernization of the carbon offset transaction is an important step in how consumers address their carbon footprint,” says Sam Telleen, Senior Director and General Manager of Terrapass.

“Customers want more control over the carbon offsets they purchase in addition to a better connection with the projects they support. By expanding our product offerings with blockchain solutions through TPSCs, we provide customers a new way to buy, sell, trade, and use carbon offsets from verified projects when and how they choose,” he added.

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Soumya Duggal

Soumya is a master's degree holder in English, with a passion for writing. It's an interest she has directed towards environmental writing recently, with a special emphasis on the progress being made in renewable energy.

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