Oracle Power PLC Carbon Credit ITMO Alliance Strategy with KOTRA
2022年9月6日 - 3:00PM
RNSニュース (英語)
TIDMORCP
Oracle Power PLC
06 September 2022
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 +44 (0) 203 580
Naheed Memon 4314
St Brides Partners Limited (Financial
PR) +44 (0) 20 7236
Susie Geliher, Catherine Leftley 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.
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END
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