ClimateTrade is expanding the reach of its blockchain-powered carbon credit marketplace with the acquisition of TeamClimate, an Austrian startup that directs funding to projects that reduce greenhouse gas emissions.
Headquartered in Spain, ClimateTrade opened a U.S. headquarters in Miami last year. The company helps businesses offset their emissions from cars, plane travel or industrial production by purchasing carbon credits. Those credits fund projects that remove carbon dioxide from the atmosphere.
ClimateTrade records the purchases on the blockchain, an open digital ledger. According to the startup, that offers greater transparency because it gives businesses the ability to view each carbon offsetting transaction and its associated value.
"By joining our expertise, climate projects and client bases, this acquisition will enable both ClimateTrade and TeamClimate to make a more consequential and positive impact on the fight against climate change," said ClimateTrade CEO Francisco Benedito.
A representative for ClimateTrade declined to specify the acquisition price
TeamClimate initially began as a high school project created by co-founders Christoph Rebernig and Karim Abdel Baky in 2015. For $10 a month, subscribers — including individuals and businesses — can measure, reduce and neutralize their carbon footprints by supporting verified forest protection, clean water and wind energy initiatives. The startup reports its projects have helped offset nearly 77,000 tons of carbon dioxide emissions and protected more than 11 million square meters of rainforest, about the size of 1,641 footballs fields.
In a statement, Rebernig said joining forces with ClimateTrade will "multiply the difference we can make in our world."
Founded in 2018, ClimateTrade now has 50 employees based at its offices in Miami and Spain. The company has worked with multiple European corporations to cut their carbon emissions, including Melia Hotels International and France-based car service company Narauto.
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