Newera Energy To Invest Up To Us$50 Million In Renewable Energy Projectsby Company Announcement February 7, 2018
New Era Energy (NewEra)1, the Singapore startup focusing on accelerating renewable energy adoption in Southeast Asia, entered into a partnership with Bamboo Capital Group (BCG) to pilot the world’s first blockchain-enabled Carbon Credits Certification Protocol.
NewEra is building a blockchain enabled platform to tokenize carbon credits. This MOU is the first activity lined up in NewEra’s pledge to invest up to US$50 million into renewable energy projects.
“Our goal is to raise awareness of climate change and accelerate the adoption of clean energy in Southeast Asia, and we believe with proper verification and certification of clean energy footprint, we can create a rewarding ecosystem to encourage individuals to go green,”
says Mr. Leonard Ng, Co-founder of NewEra.
Despite the Paris Agreement, global temperatures and carbon emissions are reaching record highs. The global commitment to reduce emissions and adopt clean energy initiatives is often slowed down and hampered by financing inefficiencies, high costs, stakeholder deadlock, and inaction.
For instance, in Vietnam, with domestic-only resources, greenhouse gas emissions will only be reduced by 8% by 2030. In contrast, with international support, this will increase to 25% in Vietnam by 20302.
NewEra aims to address these inefficiencies by opening up the carbon credits market – a US$50 billion market in 2017 according to The World Bank3 – to the masses. The company is building a blockchain-enabled platform to tokenize carbon credits, measure clean energy footprints, and a transparent, accountable, and secure system that brings carbon credits to the masses.
“Innovation and environmental responsibility is at the heart of BCG. We are excited to be working with NewEra in their effort to promote clean energy amongst the masses in the world,”
said Mr. Nguyen Ho Nam, Chairman of BCG.
“The collaboration will be a win-win for all parties,”
BCG is listed on Ho Chi Minh Stock Exchange (HOSE) developing over 2000MW of solar and wind projects.
Featured image via Pixabay