The relationship between carbon credit offsetting and blockchain technology is transforming the carbon credit market. IMPT, an ecosystem that connects global retail brands with socially responsible individuals and businesses, uses Web3 technologies, particularly the Ethereum blockchain, to promote transparency and verification in the industry. IMPT’s innovative platform will allow users to earn loyalty points, which they can then exchange for carbon credits, demonstrating their commitment to reducing their carbon footprint. This approach shifts away from the previous expectation of radical lifestyle changes and empowers consumers to have a concrete impact on climate change.
Denis Creighton, CEO and co-founder of IMPT, has a long-term vision to help businesses and individuals reduce their carbon footprint and contribute to global sustainable development through everyday actions. The following is an interview with Denis, who discusses IMPT and its goals.
What is IMPT?
IMPT is a carbon offsetting ecosystem designed to connect global retail brands with socially responsible individuals who want to reduce their carbon footprint. IMPT enables users to make a simple change in their shopping habits and contribute to sustainable global development by earning carbon credits through everyday purchases. The platform’s technology stack demonstrates the true value of Web3 by unlocking transparency and verification in the carbon credit industry. Through IMPT’s new retail platform and mobile apps, users can seamlessly earn and withdraw carbon credits while doing their regular shopping from thousands of affiliated brand partners, making being an eco-conscious shopper easier than ever.
Can you introduce the management team and their respective roles?
The management team consists of myself, Denis Creighton, Mike English and Hugh Phelan. As CEO and co-founder, I created IMPT with an enduring vision in mind, to help both businesses and individuals achieve a lower carbon footprint and contribute to global sustainable development through everyday actions.
Mike English, Co-Founder and Chief Technology Officer brings invaluable insight to IMPT through his expertise in decentralized technologies by underpinning IMPT’s vision of accessible and sustainable global development.
Hugh Phelan, Chief Legal Officer, oversees all aspects of regulatory compliance in relation to blockchain and smart contracts on behalf of IMPT to ensure values and corporate ethos align.
What made you create IMPT? Can you tell us a little more about your background?
My background has led me down an interesting path and I have learned a lot along the way. For example, I have always been curious and eager to learn more about new technologies, which led me to start my career in the early 80s with Wang Computers.
As my career progressed, I began working in telecommunications as a computer programmer and systems analyst. I then moved to the first mobile startup in Ireland as head of IT development. From there I worked across a number of different industries, building a portfolio of experience. I joined Conduit as their COO/CTO and during my time there we became the largest DQ provider in Europe.
I later became CEO of a large BPO provider, working with global brands such as Vodafone, Sky and BT. Good technology has always underpinned the industries I’ve worked in and has certainly come a long way since then, as has the state of the world’s climate.
I had an idea, if I could combine both my passion for technology and global sustainable development, what would it look like? What if people could shop and do their bit for the environment at the same time? IMPT has the power to empower both socially conscious and somewhat unconscious customers to make a difference to the planet by reducing their carbon footprint in simple and adaptable ways. Our goal with this platform is to give everyone the opportunity to help support hundreds of environmental projects around the world, in ways that fit into an everyday lifestyle.
What does IMPT stand for and why is it ‘The Planets Loyalty Programme’?
IMPT stands for impact! We chose to describe IMPT as ‘The Planets Loyalty Programme’ because of our commitment to improving global sustainable development. At IMPT, we believe that everyone should have the opportunity to help the planet recover from climate change, regardless of availability of carbon credits. We connect individuals with globally responsible brands and businesses looking to reduce their carbon footprint, and we expect more than 10,000 of the largest retailers around the world to join IMPT with over 2 billion individual projects. IMPT users will be able to measure their impact as we establish the first global loyalty program that validates how effective we all are. Politicians make policy, but it is up to us, entrepreneurs, business people and the general public to make the changes necessary.
That is why we are the ‘Planet’s Loyalty Program’ and have to that point launched our Retail Partnership Network which will give retailers the opportunity to partner with IMPT, become part of the loyalty program, while showing their green credentials and empowering their customers to compensate for CO2 credits every time they shop.
What is a carbon credit? How does IMPT allow users to offset their carbon footprint?
Carbon credits, also known as carbon offsets, are permits that represent carbon emissions removed from the atmosphere. A carbon credit can be referred to as a mechanism which ensures that greenhouse gas emissions are reduced. A carbon credit allows the emission of one tonne of carbon dioxide. IMPT leverages blockchain to make the carbon market credible, transparent, verifiable and environmentally robust. IMPT makes the process of earning carbon credits affordable for every member of society. Users do not have to go through complex procedures to buy a carbon credit. Our platform will allow them to acquire carbon credits and help the planet while doing their usual shopping and without changing their habits.
How did you choose projects to collaborate with IMPT?
Our platform contains hundreds of the largest global carbon credit projects that help prevent or reduce carbon emissions. The current carbon market places specific requirements on projects, which they must meet. IMPT strictly follows carbon credit regulations and standards and only onboards certified projects that have passed the audit and comply with all the requirements of the carbon market.
The platform gives each user a number of options for how to compensate for carbon emissions. It can be forest protection against deforestation, projects that recover energy (solar energy, hydropower) through various sources, carbon storage projects, methane capture and more. Users will be able to choose any of the projects they like or are most interested in.
IMPT utilizes blockchain technology, how is blockchain a solution to many challenges in the carbon offset industry?
IMPT relies on blockchain technologies to ensure tokenization of carbon credits and facilitate transparent recording of transactions. Carbon asset tokenization will allow companies and organizations to issue official certificates that can be used as verifiable proof of their carbon offset initiatives, backed by immutable blockchain transactions that anyone can see. We believe that the incorporation of blockchain will provide solutions to the challenges faced by the carbon credit offset market. For example, one challenge facing the carbon credit market is double counting, which is when two different parties claim the same carbon removal or reduction credit. This takes away from the real value carbon offsets can offer society. Blockchain ensures that no network participant can spend more than they have or spend what they have more than once.
What’s coming up for IMPT?
There are a lot of really exciting announcements coming up for IMPT. IMPT recently announced the launch of our retail platform, available at IMPT.io on the Apple Store and on Google Play, which will provide consumers with the necessary tools to earn and withdraw carbon credits while doing their regular shopping across thousands of affiliated retail brands, including Amazon, Ebay, Nike and Samsung. We recently launched our Retail Partnership Network, which is the “first of a kind” on Blockchain. As a partner, you will have exclusive rights to operate and expand our Retail Network and be part of The Planet’s Loyalty Program.
Every time a user purchases a product while shopping on the IMPT platform, a percentage of the total purchase amount will be allocated to their account in the value of IMPT tokens. Consumers can then use accumulated tokens to obtain carbon credits that are issued in the form of an NFT. These carbon credits can then be allocated to a range of environmental projects of their choice, giving buyers a direct stake in global sustainable development.
We have many more exciting announcements coming up and welcome anyone interested in reducing their carbon footprint to join our community and play an integral role in accelerating the health of our planet. People can discover more about our work for a sustainable future on our LinkedIn, Twitter and Instagram channels. We also have a great community on Telegram and Discord that readers can join to connect with others and read the latest announcements and project news first-hand from our leadership team.
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