KUCHING: The signing of the Memorandum of Understanding (MoU) and Joint Venture Agreement between Sarawakian tech startup, Evolving Brilliance Technologies (EB Tech), together with their partners MSQ Engineering and Prince of Songkla University, has led to discussions on the Carbon Credit Management project in Thailand.
The MoU signing and joint venture agreement held last month in Hatyai was an invitation by Deputy Minister Capt Rachata Pisithabannakorn of the Ministry of Natural Resources and Environment of Thailand to discuss the Carbon Credit Management project in Thailand.
In a statement issued by EB Tech recently, it was mentioned that the discussion marks a significant step forward in project development, as the ministry aims to expand its Environmental, Social, and Governance (ESG) reporting and move towards carbon neutrality.
“Alongside agriculture and forestry, the project aims to benefit smart city initiatives and the electronic vehicles (EV) sector, while adhering to the Emissions Trading Scheme (ETS), Verra, and Gold Standards, positioning Thailand for global Carbon Credit trading.
“The Emissions Trading Scheme (ETS) is a market-driven mechanism aimed at reducing greenhouse gas emissions by imposing a cap on emissions from specific sectors, such as energy production and industry,” the statement added.
The statement further explained that participating entities receive emissions allowances, tradable among themselves, and entities exceeding their allocated emissions can purchase additional allowances from those emitting less, fostering incentives for emission reduction.
Additionally, the statement noted that ETS fosters innovation and efficiency in emission reduction strategies, offering flexibility in regulatory compliance, and is pivotal in transitioning towards a low-carbon economy and combating climate change.
Pisithabannakorn expressed his enthusiasm to begin this journey with EB Tech and hopes to make Thailand the benchmark in Green Energy and Carbon Credit Management in the region.
“I am certain that with the collaboration of organisations from other countries like Malaysia, and specifically Sarawak, we could be the market leaders in Carbon Credit Management and Trading hopefully by the end of 2024.”
EB Tech, with expertise in Vision AI systems and Carbon Credit management, emerges as a leader in the field.
With a track record of implementing cutting-edge solutions, EB Tech is well-positioned to contribute significantly to the success of the joint venture.
The collaboration aims to strengthen EB Tech’s presence in Thailand and positively impact Malaysia’s local business landscape, particularly in Sarawak.
In a similar statement, EB Tech shared that it recently secured grants from Sarawak Digital Economy Corporation (SDEC), Shell Livewire (co-funded with Tabung Ekonomi Gagasan Anak Sarawak – TEGAS), investments from Nexea Ventures, and Malaysian Business Angel Network (MBAN) Sarawak Chapter.
“Additionally, they are finalists for the CRADLE CIP Sprint grant by the Ministry of Science, Technology, and Innovation (MOSTI).
“The Carbon Credit Management and Trading Project in Thailand will leverage EB Tech’s expertise to streamline carbon credit verification, trading, and management processes.
“This endeavour not only aligns with the sustainable development goals of Thailand and Malaysia but also fosters economic growth and employment opportunities in Sarawak,” added the statement.
Thailand’s ambitious goal of achieving carbon neutrality by 2050 presents a significant opportunity for carbon credit management and trading, supported by various policies and initiatives promoting greenhouse gas emission reduction projects, thus generating tradable carbon credits.
“This meeting further solidifies the fact that EB Tech is the first and only tech startup in Sarawak that has penetrated into the Green energy sector in Thailand, and hopefully to the rest of Southeast Asia as well.
“Through collaborative efforts and innovative solutions, EB Tech and its partners remain committed to driving sustainable development and tackling climate change challenges.
“This commitment paves the way for a greener and brighter future for generations to come, particularly in the state of Sarawak,” the statement added.
