Singaporean carbon trading company CRX CarbonBank launched on Tuesday the Electric Vehicle Accelerator initiative, a scheme that generates caron credits based on greenhouse gas emissions avoided by electric vehicle charging points, allowing charging station operators and fleet owners to profit from the use of battery-powered vehicles, in a bid to speed up the energy transition.
Carbon credits are calculated by comparing the emissions produced by fossil fuel vehicles that the electric vehicles would have replaced. These credits will subsequently be auctioned, with 30% of the proceeds going to enterprises that participate in the program as early as 2025.
