FPT IS and Carbon EX driving carbon credit market

February 19, 2024 | 08:55
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FPT IS and Carbon EX, a carbon credit trading platform and renewable energy certificate issuer in Japan, signed an MoU to collaborate in providing services and solutions to promote carbon credit projects adhering to global standards such as Verra Carbon Standard, Gold Standard, and J-Credit.

The collaboration between the two parties aims to contribute to reducing greenhouse gas emissions, aligning with the goals of the government and domestic enterprises in achieving net-zero by 2050.

FPT IS and Carbon EX driving carbon credit market

In the collaboration, both parties expect to mutually promote international standard carbon credit projects. FPT IS plays a role as a connector with organisations and business communities in Vietnam, providing services and solutions to drive green transformation projects. This includes the application of technology for project and credit management. Carbon EX specialises in the creation of new carbon credit projects, guiding them through the entire verification process to final approval.

They also provide support in developing new methods that comply with global standards such as Verra Carbon Standard, Gold Standard, J-Credit, and more. Additionally, they assist in global carbon credit trading activities. Accordingly, businesses can collaborate with FPT IS and Carbon EX to create carbon credits that meet standards, efficiently operate, and manage carbon credit projects.

With the goal of achieving net-zero emissions by 2050 as per the common agreement at the 26th United Nations Climate Change Conference of the Parties (COP 26), the carbon market is gradually taking shape in various countries, attracting particular attention from organisations and businesses.

Greenhouse gas reduction projects under the carbon credit mechanism may generate potential commodities for trading, buying, and selling on the billion-dollar carbon credit market, both domestically and internationally.

In recent times, Vietnam has seen over 300 programmes and projects registered for implementation under various mechanisms such as carbon credit exchange, and offsetting, etc. Among them, approximately 150 programnes and projects have been issued 40.2 million carbon credits and traded on the global carbon market.

“Nevertheless, the development of carbon credit projects, as well as the monitoring and operation of these projects, require specialised knowledge and the involvement of recognised organisations. This poses a significant challenge for organisations and businesses participating in these endeavours," emphasised Tran Duc Tri Quang, chief data officer of FPT IS.

In response to these needs, FPT IS collaborates with Carbon EX to share expertise, promote research, and apply technology to develop carbon credits that meet international standards. The collaboration aims to accelerate the expansion of carbon market business activities in Vietnam and the region. The common goal is to reduce greenhouse gas emissions, facilitate the green transition, improve the efficiency of carbon credit management, and promote the generation of credits from green projects.

The collaboration between FPT IS and Carbon EX demonstrates the efforts of technology enterprises in aligning with the government's mission and supporting businesses to enhance the effectiveness of digital and green transformation. Successful implementation of the carbon market and carbon credit trading platform in Vietnam aids businesses and the entire society in carrying out greenhouse gas emission reduction activities at low costs. It also promotes low-emission industries and the transition to a circular economic model.

Carbon EX is a trading platform for carbon credits/renewable energy certificates, facilitating the connection of developers, sellers, traders, and buyers for carbon credit transactions. Carbon EX provides consultancy services to assist in purchasing carbon credits as needed and offers guidance for the development of new carbon credit projects worldwide.

"We highly value the opportunity to collaborate with FPT IS in the goal of developing the carbon credit market in Vietnam. The favourable conditions created by the Memorandum of Cooperation on low-carbon growth between Vietnam and Japan in 2021-2030 provide an ideal environment for technology companies like FPT IS and Carbon EX to join forces, contribute to promoting investment, and developing technologies, products, systems, services, and low-carbon emission infrastructure in Vietnam, establishing a Joint Crediting Mechanism," said Takayuki Kageyama at the event.

On behalf of FPT IS, Quang said, 'With over 30 years of experience in digital transformation for more than 4,000 partners and clients in Vietnam and the region, FPT IS has built a robust foundation. This will serve as a solid platform for us to leverage connections and collaborate with organisations and businesses in applying new technologies to swiftly implement green transformations, and build carbon credit."

FPT IS is investing in research and collaborating with industry-leading experts and advisors on green transformation solutions for businesses. The company is focusing on developing two strategic outcomes: the Carbon Accounting Solution and the ESG Reporting Solution. These aim for comprehensive digitalisation of environmental data collection, calculation, management, greenhouse gas reporting, and monitoring processes to comply with international standards.

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By Thanh Van

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