Singapore-based sustainability consultancy Saxon Renewables’ grouped EV-charging carbon project, EVolve, has been officially registered under Verra and is planning regional expansion. (Photo: Saxon Renewables)
Singapore-based sustainability consultancy Saxon Renewables announced on Wednesday that its EVolve Grouped Electric Vehicle (EV) Charging Project has been officially registered under Verra’s Verified Carbon Standard (VCS) and is now aiming to expand across Southeast Asia.
The project has been approved for a seven-year crediting period from 2024 to 2031, with the possibility of renewal for up to two additional periods. It is expected to generate roughly 300,000 tonnes of CO₂e in verified emissions reductions during the initial term.
First regional grouped EV-charging carbon project
Initially developed in Singapore, the grouped EV-charging carbon project is now expanding regionally. EVolve plans to bring charge point operators in Malaysia, Vietnam, Thailand, Indonesia, and the Philippines into the program, with further expansion planned across the wider Asia-Pacific region. The project targets the deployment and integration of 30,000 charge points by 2030.
EVolve incorporates carbon-credit revenue into the commercial model for EV-charging infrastructure, aiming to address financing gaps that can delay EV adoption. By opening up additional carbon-revenue streams, the project aims to help charge point operators, fleet owners, and infrastructure partners scale more quickly and shorten payback periods, said Reik Ong, Managing Director of Saxon Renewables.
How the project is verified and where it’s headed
The project uses Verra’s VM0038 Methodology for Electric Vehicle Charging Systems, which quantifies emissions reductions by comparing electricity used for EV charging with emissions from equivalent travel in internal combustion engine (ICE) vehicles.
Under the grouped-project approach, multiple EV-charging networks can be aggregated under a single methodology and monitoring system, reducing registration costs, administrative requirements, and time-to-market for charge point operators (CPOs).
Saxon Renewables’ next step is to prepare the project for compliance channels such as Singapore’s carbon tax and CORSIA, said Managing Director Reik Ong. (Photo: Saxon Renewables)
“The voluntary market is already responding positively to EVolve, with buyers actively seeking high-integrity transportation credits,” said Ong. He added that the company’s next step is to prepare the project for compliance channels such as Singapore’s carbon tax and CORSIA to broaden potential demand and support long-term price stability.
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