Dictionary

Carbon credits — permits that represent carbon emissions removed from the atmosphere. One carbon credit permits the emission of one ton of carbon dioxide.

Carbon offset — an action that is intended to compensate for carbon emissions as a result of industrial or other human activity.

Retiring a carbon credit — means that the carbon credit is taken off the market forever and cannot be traded or swapped again. Only the buyer of the carbon credit can claim that they have reduced emissions. The carbon credit cannot be used twice, whether by an individual or a business entity.

Voluntary carbon offset market — allows companies and individuals to buy carbon credits on a voluntary basis, with no intention of using them for compliance or regulatory purposes.

IMPT.io points — the points that companies and individuals receive for their contribution to positive climate change.

Mandatory carbon offset market — used by organizations that are required to account for their carbon emissions by mandatory national, regional, or international carbon reduction regimes.

Carbon credit double counting — a situation when two parties claim the same carbon removal or emission reduction.

Blockchain technology — a decentralized ledger of all transactions across a peer-to-peer network. Allows participants to confirm transactions without a need for a third-party authority.

Non-fungible tokens (NFTs) — digital assets on a blockchain with unique identification codes and metadata that distinguish them from each other. In contrast to cryptocurrencies, NFTs cannot be exchanged at equivalency.

IMPT.io collectibles — unique NFTs created by artists, which users can receive after burning their carbon credit token.