ClimateTrade, a marketplace that helps businesses purchase carbon, plastic and other biodiversity assets, will establish its first U.S. headquarters in Miami.
The company, founded in Spain, allows companies reduce their carbon emissions – and be less of an environmental burden.
"Having a physical presence [in Miami] will enable us to grow our network of partners and project developers and help more companies reduce their carbon emissions," co-founder and CEO Francisco Benedito said in a statement.
The platform is powered by blockchain technology, an open digital ledger that records transactions. According to ClimateTrade, that offers greater transparency because it gives businesses the ability to view each carbon offsetting transaction and its associated value.
ClimateTrade has worked with several European corporations to find ways to reduce their carbon footprints, according to its website. That includes Melia Hotels International, which offer its clients the ability to offset their emissions through the a rewards program. Another client, France-based car service company Norauto, will contribute funds to reforest the Alcoroches Natural Park in Spain with every sale of a bicycle or electric scooter.
Now, ClimateTrade is in growth mode. The venture has 43 employees, up 65% year-over-year. It's also expanding its U.S. team, with plans to hire a chief financial officer and chief commercial officer that will work from Miami. The firm recently hired Michael Green, former execution director at Climate XChange, to serve as U.S. business and policy adviser.
"Engaging businesses with meaningful opportunities to address the climate crisis is something we must do," Green said in a statement.
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