Carbon Planet partners with Malaysian based Green Science

Carbon Planet has partnered with Green Science Sdn Bhd (“Green Science”), a subsidiary of Corro Shields based in KL.

The objective of the partnership is to identify, secure, develop and commercialise projects that yield carbon credits.

The management team of Green Science flew to Adelaide late last year to execute the partnership at Carbon Planet’s head office.

Under the exclusive partnership for Malaysia and its neighbouring regions, Green Science will assist asset owners, who are investing in cleaner energy sources for their operations, to generate additional revenue through the international carbon markets, therefore making those projects financially viable.

This is done through the process of developing and commercialising the project through the UN’s CDM (Clean Development Mechanism) or VCS (Voluntary Carbon Standard) and registering the project to create carbon credits.

Each ton of CO2 reduced in the atmosphere is equal to one carbon credit. These credits are then sold into international markets and funds are channeled to the asset owners (based in Malaysia).

The carbon credit market was worth over US$100b in 2009 and is expected to grow to over US$1 trillion in the next 10 years (source: Carbon Finance Report).

Carbon Planet will be providing fully fledged capacity building to Green Science in the areas of CDM and REDD (Reducing Emissions through Deforestation and Forest Degradation).

This technology transfer and capacity building agreement incorporates provision for technical personnel to train the team at Green Science, assist Malaysian based asset owners in the fields of oil & gas exploration, manufacturing and forestry to qualify their projects under international standards and in provide ongoing support and commercialisation services for these projects.

Malaysia, due to its vast natural resources including oil, gas and forests, is set to benefit from the fastest growing industry in the world.

The benefit to Malaysia is twofold, first it will assist in reducing the harmful greenhouse gases and resulting pollution that enter the atmosphere and second, it will bring foreign exchange to the national exchequer.