Sustainability-linked company CO2X has signed a memorandum of understanding (MOU) with key industry and association leaders from the transport and logistics, as well as finance sectors on Oct 15.
Those from the finance sector include banks such as Oversea-Chinese Banking Corporation (OCBC) and UOB Limited, as well as insurers like Aviva SingLife.
The company is a newly-formed joint venture by three local Singapore technology companies, Hashstacs, Ascent and Evercomm.
According to a statement released by CO2X, the MOU signals the commitment to jointly develop a platform that will provide small and medium enterprises (SMEs) with accessible carbon tracking solutions and green financial services through a data-driven approach.
The signing of the MOU on Oct 15 was witnessed by Enterprise Singapore’s (ESG) executive director for transport and logistics Law Chung Ming and Kwok Quek Sin, executive director in the FinTech and Innovation Group at the Monetary Authority of Singapore (MAS).
Leveraging on the CO2X platform, companies are able to track their carbon footprint to achieve benchmarking and devise data-driven emission reduction strategies to help reduce the fuel and energy costs of doing business.
Companies can also use CO2X’s data and reports to undergo green certification against international standards.
CO2X will focus on the transport and logistics sector initially. It will begin testing its beta platform in November with key industry partners including Bok Seng, Chuan Lim Construction, CWT, EVFY, FoodXervices, Tiong Seng and Contractors.
The transport and logistics sector was chosen as it contributes to 14.8% to Singapore’s carbon emissions, making it the third largest polluting sector in the country.
CO2X says it aims to expand its offering to other sectors in future, including construction, manufacturing, hospitality and facilities management.
“Sustainability is an increasingly important and necessary strategy for all companies, across all industries, to stay competitive today. Companies need to expand their business success metrics beyond the bottom line and recognise the long-term value sustainability creates,” says Lim Chee Kean, chairman and co-founder of CO2X and CEO of Ascent.
“The CO2X platform is the best starting point for companies keen to embark on their sustainability journey. Our inclusive platform will lower the barriers for SMEs to incorporate sustainability practices and bridge the gap between businesses and financial services in a data-driven approach,” Lim adds.
Photo: CO2X
