CO2-1-0 (CARBON) Corp and Solar EVN Ngoc Chau Signs MOU to Cooperate in Innovative Carbon Emission Reduction Program Using Blockchain-Crypto Technologies

* Shareholder and Investor Conference Call Scheduled for November 30, 2021

New York, Nov. 29, 2021 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.com, PHIL), a company currently focused on PHILUX Global Funds, a group of Luxembourg bank funds, and developing the Asia Diamond Exchange (“ADE”) in Vietnam, is pleased to announce that CO2-1-0 (CARBON) Corp., a subsidiary of the Company, has signed a Memorandum of Understanding (“MOU”) with Solar EVN Ngoc Chau (www.solarngocchau.com) to cooperate in a new disruptive carbon mitigation program through worldwide environmentally sustainable projects.

According to the MOU, Solar EVN and CO2-1-0 (CARBON) will cooperate in acquiring carbon credits from Solar EVN’s projects and from other project owners in Vietnam. Carbon credits will be digitalized into Carbon Tokens using blockchain-crypto technology and deploying IoT.

Solar EVN will provide project data to be processed into CARBON’s data processing center and also support CARBON’s due diligence processes. Solar EVN will be CARBON’s representative for Vietnam’s market.

According to the United Nation Framework Convention on Climate Change (UNFCCC), together with the Paris agreement and Kyoto protocol in 2016, Vietnam has actively participated and agreed to maintain the earth temperature not to exceed by 1,5 degrees Celsius by 2030. The greenhouse gases (GHG), mainly CO2, CH4, N2O, SF6, HFCs, PFCs, are the root cause of global climate change, each of which can be calculated as CER (CO2 Emission Reduction) equivalent.

Currently, CER is being tediously registered, validated, and certified centrally under UNFCCC methodology by a few independent institutions, mostly in the US and Europe, where the CER later can be traded (as carbon credits) voluntarily. For the past 5 years, the market for carbon credits has been nearly zero, and due to complexity of the processes, many companies/ projects have less appetite to be engaged in the carbon credit opportunity. Many environmentally sustainable projects (renewable energy/ waste/ agriculture/forestry/ etc.) have failed to get financial support especially at the initial/ development stage, due to the above reasons, causing less economic value of the project or delays.