Selex Smart Electric Vehicle JSC (Selex Motors) is partnering with PoA Carbon Management JSC (PoA Carbon) to implement a pilot project to develop carbon credits for electric vehicles.
The United Nations Development Program (UNDP) is sponsoring the partnership, called the ‘Selex Smart Electric Vehicle Project’, to develop carbon credits for electric motorcycles to reduce greenhouse gas (GHG) emissions and contribute to climate change mitigation .
The project will contribute to Vietnam’s efforts to achieve its emissions target. At COP 26, Vietnam committed to achieving net zero emissions by 2050. According to the NDC 2022, Vietnam has increased its unconditional emissions reduction target for 2030 from 9 percent to 15.8 percent and its conditional target from 27 percent to 43.5 percent. The transport sector needs to reduce around 19.3 million tonnes of CO2 by 2030 compared to the business-as-usual scenario, through various measures, including converting to vehicles that use green fuel and electricity.
Dao Xuan Lai, Head of Climate Change and Environment at UNDP Vietnam, stated that this is the first carbon credit project for electric motorcycles in Vietnam.
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Selex Motors was founded in 2018 with the aim of promoting sustainable development through smart EVs. The company focuses on building a comprehensive ecosystem for electric motorcycles, solving the problems of charging times and high costs. Selex Motor supplies models of electric motorcycles, mainly for transportation purposes, with partners such as Grab, Gojek and Lazada.
With support from UNDP, the project is currently being registered under the Gold Standard mechanism and aims to communicate emissions reduction results in accordance with Article 6.2 of the Paris Agreement. The project will be deployed in Hanoi and Ho Chi Minh City with approximately 90,000 vehicles, including the Camel 1, Camel 2, S1, S4 and S5 models, and is expected to emit approximately 43,000 tonnes of CO2 per vehicle between 2024 and 2028. years to reduce. A PoA Carbon representative said the project completed the Gold Standard preliminary assessment round on June 15 and is expected to be registered in September 2024.
Registering a project under the Gold Standard validates greenhouse gas emissions reductions and their positive economic and social impacts. The income from carbon credits will enable start-ups such as Selex Motors to expand their activities and pursue sustainable development.
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