TYMLEZ and Tolam Earth Partner For Carbon Marketplace Trading Project
ASX: TYM
Highlights:
- TYMLEZ and Tolam Earth are partnering for the creation and sale of digital carbon credits
- The project will prove the benefits of the TYMLEZ Platform in creating verified and trusted carbon credits
- Tolam Earth’s marketplace will be utilised for the sale of carbon credits to institutional investors and companies looking to offset their carbon emissions
TYMLEZ Group Limited (“TYMLEZ”) is excited to announce its partnership with US-based company Tolam Earth (“Tolam”), to deliver a first-of-its-kind pilot to demonstrate the use of the Hedera Guardian to digitally measure, report and verify high quality carbon credits from green projects with immutable trust, and significantly reduce time to market for the sale of the carbon credits. The carbon credits generated in this pilot will be traded on the Tolam Earth digital marketplace.
Tolam Earth has developed a carbon marketplace to deliver transparent, digitally sourced and auditable carbon credits from around the world. Tolam Earth’s marketplace combats many of the issues currently facing legacy marketplaces, primarily the lack of trust and transparency in some trading systems. Tolam Earth is a subsidiary of Object Computing, a leader in technology consultancy and development.
The lack of transparency and accountability can make it difficult for market participants to trust the integrity of the marketplace and can hinder the growth of the market. In addition, the high transaction costs associated with some carbon trading systems can make it difficult for small players to participate in the market.
Through its partnership with TYMLEZ, Tolam Earth is looking to create one of the world’s most trusted carbon marketplaces by providing unrivalled trust through the sale of transparent and auditable carbon credits which will be generated by the TYMLEZ (DMRV) Digital Measure Reporting and Verification Platform. With both TYMLEZ and Tolam Earth building upon the Hedera network, one of the world’s most used enterprise-grade public distributed ledger networks, transaction costs will be minimal, allowing for investors of all sizes to purchase carbon credits from the marketplace.
Speaking on the announcement, TYMLEZ Executive Chairman, Daniel O’Halloran said,
“We’re extremely excited about our project with Tolam Earth to prove out the end-to-end creation and sale of a digitised carbon credit. Companies and investors across the globe are seeking high quality carbon credits which have a real impact on climate change and are backed by trusted and verified data.”
Tolam Earth, CEO, Matthew Porter, said,
“We are proud to partner with TYMLEZ. We will collectively take a monumental step to fully digitise the first carbon offset from collection to creation to sale radically improving how green projects are developed and funded.”
Distributed ledger technology can help to improve the accuracy and reliability of carbon credit tracking. By providing a secure and transparent record of transactions, the Tolam Earth marketplace can help to ensure that carbon credits are properly accounted for and not double-counted. This can support the integrity of the carbon market and encourage greater participation. Overall, the use of distributed ledger technology in carbon marketplaces has the potential to enhance transparency, efficiency, and accuracy in the tracking and trading of carbon credits.
As part of an initial project, TYMLEZ will be tokenising carbon credits through its tokenisation solution. The tokens generated by the TYMLEZ Platform will then be available for trading on the Tolam Earth marketplace where institutional investors will be able to view the full history and makeup of each token through the TYMLEZ Trust Chain. The initial pilot will run for three months, during which time both parties will contribute their resources at no cost.
TYMLEZ’s partnership with Tolam Earth is a leap forward in carbon market transparency and trust. By providing only high-quality carbon credits generated by the TYMLEZ Platform, institutional investors can trust in the carbon credits which they are purchasing.
About TYMLEZ
TYMLEZ (ASX: TYM) is a pioneer in the development and delivery of carbon reporting and guarantee of origin solutions. TYMLEZ provides companies across the globe with world-class solutions designed to empower them in their decarbonisation journeys.
Visit tymlez.com for more information
About Tolam Earth
Tolam Earth is a digital marketplace to identify, price, buy, and sell carbon assets. All data in the ecosystem is transparent, digitally sourced, and auditable. With the price discovery and auto-purchasing mechanisms of Tolam, we drive optimal liquidity and pricing to all market participants. Tolam leverages the Hedera Hashgraph, the most used enterprise-grade public network, for corporations to quantify and report the impact of their sustainability investments.
Visit tolam.io for more information
For any queries relating to this announcement, please contact:
Corporate
Matthew Park
SVP Corporate & External Affairs
Matthew.park@tymlez.com
Media
Janine MacDonald
Senior Advisor
Janine.macdonald@plcorporate.com.au
