Last checked at 6 Sep 2022 07:00
Reach - non-regulatory announcement
6 September 2022
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Carbon Credit ITMO Alliance Strategy with Korea Trade-Investment Agency
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.
Highlights
· 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.
· 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.
· 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.
· 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.
Naheed Memon, CEO of Oracle, commented:
"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 across Asia and even further afield."
"Oracle is a true advocate for the critical need for alternative power sources and our activities through Oracle Energy are making this a reality."
*ENDS*
For further information please contact:
Oracle Power PLC Naheed Memon
| +44 (0) 203 580 4314 |
St Brides Partners Limited (Financial PR) Susie Geliher, Catherine Leftley
| +44 (0) 20 7236 1177
|
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power project developer quoted on London's AIM market. The Company currently has two areas of focus: Western Australia and Pakistan. The Company is active in the energy industry in Pakistan and is working to establish a green hydrogen production facility through Oracle Energy Limited, a joint venture with His Highness Shaikh Ahmed Dalmook Al Maktoum. The Company's initial project is the Thar Block VI Project in south-east Pakistan where the Company is advancing plans for a combined lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal gasification to urea project.
In Australia, its primary focus is the Northern Zone Gold Project, located 25km east of the major gold mining centre of Kalgoorlie, the home of the 'Super Pit' mine, the second largest gold mine in Australia. Northern Zone has a current Exploration Target of 200-250Mt at 0.4-0.6g/t Au for between 2.5 - 4.8Moz gold, with drilling being planned to define a maiden inferred JORC resource.