DAVOS, Switzerland, May 24 Reuters Palantir Technologies Inc and global commodities trader Trafigura have set sights on a new market, their chief executives told Reuters on Monday tracking carbon emissions for the oil, gas, refined metals and concentrates sector.

The companies are building a platform for oil majors and other commodities firms to vet the environmental impact of their supply chains, applying Trafigura39;s data to Palantir39;s operating system, known as Foundry.

The effort represents a potentially lucrative longterm opportunity at a time when Palantir39;s revenue outlook has fallen short of expectations, with shares trading down 57 this year.

The firm cofounded by billionaire entrepreneur Peter Thiel in 2003 to aid in U.S. counterterrorism operations now derives almost half its sales from the private sector. BP PLC is among its fossilfuel extracting customers, which have pledged a green makeover in the coming decades.

In a joint interview at the World Economic Forum39;s annual meeting in Davos, Palantir39;s Chief Executive Alex Karp said, This is going to be one of the biggest things we39;ve ever done. Jeremy Weir, Trafigura39;s CEO, said the market is massive. In terms of size, I think it touches everybody.

The idea grew out of a pilot last year. Trafigura39;s global head of carbon trading approached Palantir with a desire to better assess indirect carbon footprints, known as Scope Three emissions.

Making the trial into a joint marketing partnership…