The chief executives of Palantir Technologies and global commodities trader Trafigura have confirmed that both firms are setting their sights on the market of tracking carbon emissions for the oil and gas sector.
Palantir and Trafigura are building a platform for oil majors and other commodities firms to vet the environmental impact of their supply chains.
The platform will apply Trafigura’s data to Palantir’s operating system, known as Foundry.
Palantir was co-founded by billionaire entrepreneur Peter Thiel in 2003 to aid in U.S. counter-terrorism operations.
BP PLC is among Palantir’s fossil-fuel extracting customers.
In an interview at the World Economic Forum’s annual meeting in Davos, Palantir’s Chief Executive Alex Karp said, “This is going to be one of the biggest things we’ve ever done.”
Last year, Trafigura’s global head of carbon trading approached Palantir with a desire to better assess indirect carbon footprints, known as “Scope Three” emissions.
Customers can subscribe to the new platform and take part in the Palantir-Trafigura consortium.
For Palantir, the Russian invasion of Ukraine has created potential for other products it developed, such as secure data transfer across allies.
