Moses (right) and Ashweein (second right) at the meeting which was chaired by Rachata.
KUCHING (March 22): Sarawakian tech startup company Evolving Brilliance Technologies (EB Tech) will lend its expertise to streamline carbon credit verification, trading, and management processes in a carbon credit management and trading project to Thailand.
Following the signing of a memorandum of understanding (MoU) and joint venture agreement (JVA) in Hatyai last month, the company together with its partners MSQ Engineering and Prince of Songkla University partook in a meeting Wednesday with Thailand’s Assistant Minister of Natural Resources and Environment Captain Rachata Pisithabannakorn to discuss the project.
Representing EB Tech were its founder and director Moses L. Vinsien and co-founder and director Ashweein Narayanan.
EB Tech in a statement said the meeting marked a significant step forward in project development, as Thailand’s Ministry of Natural Resources and Environment aimed to expand its Environmental, Social and Governance (ESG) reporting and move towards carbon neutrality.
Alongside agriculture and forestry, the project aims to benefit smart city initiatives and the electronic vehicles (EV) sector, while adhering to the Emissions Trading Scheme (ETS), Verra, and Gold Standards, positioning Thailand for global carbon credit trading, it said.
Rachata said he is thrilled to begin this journey with EB Tech and hoped to make Thailand the benchmark in green energy and carbon credit management in the region.
“I am certain that with the collaboration of organisations from other countries like Malaysia, and specifically Sarawak, we could be the market leaders in carbon credit management and trading hopefully by the end of 2024,” he said at the meeting.
With expertise in Vision AI (artificial intelligence) systems and carbon credit management as well as a track record of implementing cutting-edge solutions, EB Tech said it is well-positioned to contribute significantly to the success of the joint venture.
“The collaboration aims to strengthen EB Tech’s presence in Thailand and positively impact Malaysia’s local business landscape, particularly in Sarawak,” it said.
The company also said its endeavour in the project not only aligned with the sustainable development goals of Thailand and Malaysia but also fosters economic growth and employment opportunities in Sarawak.
Thailand’s ambitious goal of achieving carbon neutrality by 2050 presents a significant opportunity for carbon credit management and trading, supported by various policies and initiatives promoting greenhouse gas emission reduction projects, thus generating tradable carbon credits, the statement said.
“This meeting further solidifies the fact that EB Tech is the first and only tech startup in Sarawak that has penetrated into the green energy sector in Thailand, and hopefully to the rest of Southeast Asia as well,” it added.
Through collaborative efforts and innovative solutions, EB Tech and its partners remain committed to driving sustainable development and tackling climate change challenges.
“This commitment paves the way for a greener and brighter future for generations to come, particularly in the state of Sarawak.”
EB Tech recently secured grants from Sarawak Digital Economy Corporation, Shell LiveWIRE (co-funded with Tabung Ekonomi Gagasan Anak Sarawak), investments from Nexea Ventures, and Malaysian Business Angel Network Sarawak Chapter.
Additionally, the company is also a finalist for the Cradle CIP Sprint grant by the Ministry of Science, Technology, and Innovation.