CO2-1-0 (CARBON) Corp And Solar EVN Ngoc Chau Signs MOU To Cooperate In Innovative Carbon Emission Reduction Program Using Blockchain-Crypto Technologies
Shareholder and Investor Conference Call Scheduled for November 30, 2021
PHI Group, Inc. a company currently focused on PHILUX Global Funds, a group of Luxembourg bank funds, and developing the Asia Diamond Exchange (“ADE”) in Vietnam, is pleased to announce that CO2-1-0 (CARBON) Corp., a subsidiary of the Company, has signed a Memorandum of Understanding (“MOU”) with Solar EVN Ngoc Chau to cooperate in a new disruptive carbon mitigation program through worldwide environmentally sustainable projects.
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According to the MOU, Solar EVN and CO2-1-0 (CARBON) will cooperate in acquiring carbon credits from Solar EVN’s projects and from other project owners in Vietnam. Carbon credits will be digitalized into Carbon Tokens using blockchain-crypto technology and deploying IoT.
Solar EVN will provide project data to be processed into CARBON’s data processing center and also support CARBON’s due diligence processes. Solar EVN will be CARBON’s representative for Vietnam’s market.
According to the United Nation Framework Convention on Climate Change (UNFCCC), together with the Paris agreement and Kyoto protocol in 2016, Vietnam has actively participated and agreed to maintain the earth temperature not to exceed by 1,5 degrees Celsius by 2030. The greenhouse gases (GHG), mainly CO2, CH4, N2O, SF6, HFCs, PFCs, are the root cause of global climate change, each of which can be calculated as CER (CO2 Emission Reduction) equivalent.
Currently, CER is being tediously registered, validated, and certified centrally under UNFCCC methodology by a few independent institutions, mostly in the US and Europe, where the CER later can be traded (as carbon credits) voluntarily. For the past 5 years, the market for carbon credits has been nearly zero, and due to complexity of the processes, many companies/ projects have less appetite to be engaged in the carbon credit opportunity. Many environmentally sustainable projects (renewable energy/ waste/ agriculture/forestry/ etc.) have failed to get financial support especially at the initial/ development stage, due to the above reasons, causing less economic value of the project or delays.
The Taskforce on Scaling Voluntary Carbon Markets (TSVCM), sponsored by the Institute of International Finance (IIF) with knowledge support from McKinsey, estimates that demand for carbon credits could increase by a factor of 15 or more by 2030 and by a factor of up to 100 by 2050. Overall, the market for carbon credits could be worth upward of $50 billion in 2030.
Nhien Van Huynh, Deputy CEO of Solar EVN Ngoc Chau, stated: “Solar EVN Ngoc Chau is proud to partner with CO2-1-0 (CARBON) CORP and PHI Group, Inc. in supporting not only in Vietnam but also in across Mekong regional efforts to be the global leader in reaching Net Zero Carbon Emissions.”
Choky Simanjuntak, Founder and CEO of CARBON, added: “We are warm-hearted and delighted to work together with Solar EVN. Our carbon credits solution with blockchain-crypto technology and IoT will fuel thousands of Solar EVN projects and help Vietnam to reach net zero carbon target accordingly. This is a real action and real example on following up recent COP26-Glasgow.
We encourage qualified investors to participate in our CARBON token private sale in the coming weeks (starting December 1, 2021). This CARBON token sale will nourish the new carbon credit ecosystem. Therefore, we believe our mutual cooperation with Solar EVN may change the life of many people across the globe.”
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