Business
Carbon Credit ITMO Alliance Strategy with KOTRA
Carbon Credit ITMO Alliance Strategy with KOTRA.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n \n \n Reach - non-regulatory announcement\n \n \n \n \n \n \n 6 September 2022\n \n \n \n \n \n \n Oracle Power PLC\n \n \n \n \n (\"Oracle\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n Carbon Credit ITMO Alliance Strategy with\n \n \n Korea Trade-Investment Agency\n \n \n \n \n \n \n \n \n Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to advise shareholders of its nomination by the Korea Trade-Investment Promotion Agency (\"KOTRA\") to develop a strategy to register carbon credits within Pakistan. The intention of this process is to eventually trade carbon credits under the Internationally Transferred Mitigation Outcomes (\"ITMO\") mechanism in accordance with Article 6 of the Paris Agreement, as ratified at COP26 in November 2021.\n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n ·\n Oracle will facilitate the development of Pakistan's first mechanism for registering carbon credits in parallel with work to develop the country's first green hydrogen project.\n \n \n ·\n The green hydrogen project, which is being advanced by the Oracle Energy, the Company's joint venture company, is expected to abate a significant amount of carbon emissions once fully operational.\n \n \n ·\n The registering of such carbon credits will allow Oracle to trade these with Korea under the ITMO mechanism enhancing the trading opportunities between the two countries as Oracle stands to gain Green Hydrogen Certification through reduction in carbon emissions. \n \n \n ·\n Oracle will work with stakeholders in Pakistan to develop a national database and framework to deliver Nationally Determined Contributions (NDCs), a key component of the Paris Agreement and a critical aspect of the international community's achievement of long-term climate change goals.\n \n \n \n \n \n \n \n \n Naheed Memon, CEO of Oracle, commented:\n \n \n \n \n \n \n \"Oracle is establishing itself as one of the key architects of energy and power development and change in Pakistan and in the region. This nomination by KOTRA not only promotes our position as a leader of green energy in Pakistan, but rightfully elevates us to the international stage and will enable us to commercialise our green hydrogen strategy across multiple channels acros...