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(Alliance News) - Oracle Power PLC on Tuesday announced its nomination to develop a strategy to register carbon credits within Pakistan.
Oracle Power are a Cambridge, England-based power and natural resource project developer.
Climate credits are measurable, verifiable emission reductions from certified climate action projects which can then be traded on the market.
Oracle Power were nominated to the project by the Korea Trade-Investment Promotion Agency.
The aim of the process is to eventually trade carbon credits under the Internationally Transferred Mitigation Outcomes mechanism in accordance with the Paris Agreement.
The registering of the carbon credits will allow Oracle Power to trade them with South Korea helping to enhance trade opportunities.
The registration of carbon credits will work in parallel with the development of Pakistan's first green hydrogen project.
At the beginning of September, Oracle Power received formal approval for a letter of intent to establish a 1,200 megawatt hybrid, solar, wind and green hydrogen power project in Pakistan.
Chief Executive Officer Naheed Memon said: "This nomination by Korea trade-investment promotion agency 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 across Asia and even further afield."
Shares in Oracle Power were trading 0.6% higher at 0.27 pence each in London on Tuesday afternoon.
By Chris Dorrell; chrisdorrell@alliancenews.com
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