Carbon Offset and Renewable Energy Leader Introduces Digital Asset with Terrapass Coin

Rhea-AI Summary

Terrapass, a leader in carbon offset solutions and part of Just Energy Group, has introduced Terrapass Coin (TPSC), a digital asset functioning as an ERC-20 token on Ethereum. Each TPSC corresponds to one metric ton of carbon offsets purchased through designated Terrapass products. Customers gain control over their carbon offsets, receiving TPSCs quarterly, which can be held, traded, or used for offsetting their carbon footprint. This innovation aims to enhance consumer engagement in sustainability and drive investment in carbon reduction efforts.

Positive

• Launch of Terrapass Coin (TPSC) enhances consumer control over carbon offsets.
• Each TPSC token represents one metric ton of carbon offset, linking environmental impact to blockchain.
• Quarterly issuance of TPSCs allows customers to trade, hold, or utilize tokens.

Negative

• None.

HOUSTON, Sept. 02, 2021 (GLOBE NEWSWIRE) -- Terrapass, a leader in carbon offset and renewable energy solutions and a member of the Just Energy Group, is excited to announce 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.

How it Works

Terrapass has created and published a Terrapass Coin Standard, 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.”

With Terrapass, consumers have always had the ability to make a positive impact on the environment with confidence thanks to Terrapass’ sustainability products and third party verification. By creating a one-to-one relationship between every mT of carbon offsets and this new digital blockchain offering, customers gain a new level of control in determining the use of TPSCs earned from their environmental product purchases.

“With the recent IPCC Report highlighting the urgency for immediate and meaningful change, the importance of reducing the impact of carbon emissions cannot be overstated,” adds Telleen. “By introducing more product innovations in the sustainability sector, Terrapass aims to drive more investment into carbon reduction projects and provide additional ways for everyday consumers to participate more directly. With increasing focus on environmental, social, and governance (ESG) considerations, Terrapass provides a way for customers large and small to meet their sustainability goals.”

About Terrapass

Terrapass, a member of Just Energy Group Inc., works towards a more sustainable planet by pursuing solutions to climate change.  We support projects throughout North America and the world that remove greenhouse gases, produce renewable energy and restore freshwater ecosystems. Our products and services provide individuals and businesses with the ability to reduce the environmental impact of their everyday activities. Learn more at terrapass.com.

About Just Energy Group Inc.

Just Energy is a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions, carbon offsets and renewable energy options to customers. Currently operating in the United States and Canada, Just Energy serves residential and commercial customers. Just Energy is the parent company of Amigo Energy, Filter Group Inc., Hudson Energy, Interactive Energy Group, Tara Energy, and terrapass. Visit https://investors.justenergy.com to learn more.

Media Contacts:

Media
Boyd Erman
Longview Communications and Public Affairs
Phone: 416-523-5885
berman@longviewcomms.ca

Terrapass
Sam Telleen
pr@terrapass.com

Source: Just Energy Group Inc.

 

FAQ

What is Terrapass Coin (TPSC) and how does it work?

Terrapass Coin (TPSC) is an ERC-20 token on Ethereum representing one metric ton of carbon offset. Customers earn TPSCs by purchasing carbon offsets from designated Terrapass products.

When will customers receive their Terrapass Coins (TPSC)?

Customers will receive TPSCs quarterly, corresponding to the metric tons of carbon offsets purchased.

How does Terrapass Coin (TPSC) impact carbon footprint management?

TPSC allows customers to manage their carbon offsets more effectively, giving them options to hold, trade, or use the tokens for offsetting their carbon emissions.

What are the environmental benefits of one Terrapass Coin?

One metric ton of carbon offset, represented by one TPSC, is equivalent to avoiding over 2,500 miles of driving.

How does the introduction of TPSCs relate to recent climate change reports?

The launch of TPSCs is aligned with urgent calls for emissions reduction, providing a modern solution for consumers to engage in climate action through innovative product offerings.