South Pole And GenZero Launch The Asia Centre Of Carbon Excellence To Develop Green Projects

South Pole And GenZero Launch The Asia Centre Of Carbon Excellence To Develop Green Projects - Carbon Herald

Carbon project and climate consultancy South Pole has teamed up with its investor GenZero to accelerate climate action in Asia. The two companies launched an initiative called the Asia Centre of Carbon Excellence (ACCE) based in Singapore to develop carbon projects relevant to the region.

The hub will focus on the development of critical projects like the early retirement of coal power plants and replacing them with renewable energy, the development of green hydrogen and green ammonia, and helping governments and businesses understand compliance carbon markets.

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According to the announcement, in the long run the initiative will explore the adoption of green shipping fuels, carbon capture and storage (CCS) technologies and will support the implementation of carbon pricing instruments, such as the EU carbon border adjustment mechanisms (CBAM). ACCE will also aim to collaborate with regional corporations and governments to accelerate carbon projects both in Asia and globally.

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In a response to media queries as reported by the Edge Singapore, Frederick Teo, CEO of GenZero shared some insights about projects in Southeast Asia not yet having a potential to be scalable: “Things like sustainable farming, some aspects of agriculture, many different kinds of core carbon projects are not quite ready.”

Both South Pole and GenZero have not revealed their investments into the centre. One of the goals and ambitions of the initiative is to establish a carbon ecosystem hub in Singapore to foster carbon removal and emission reduction projects development through collaboration.

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South Pole already has experience taking climate action in the region through designing and applying carbon finance solutions on behalf of the Coal to Clean Credit initiative (CCCI) – a consortium of global experts supporting the transition away from coal plants to clean energy through the early decommissioning of coal plants. It is also developing “transition credits” draft methodology to enable funding from carbon markets to accelerate a just coal-to-clean energy transition in developing economies.

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