Press Release

CO2 Connect Launches the Sustainability Transformation Programme to Help Companies in the Transportation and Logistics Sector Transition to Net Zero

  • Sustainability Platform Connecting Corporates of all sizes with Accessible Carbon Tracking Solutions and Green Financial Services
  • Founded by Three Homegrown Technology Companies Specialising in Internet of Things (IoT), Data Analytics and Blockchain
  • Memorandum of Understanding (MoUs) Signed with Key Representatives from the Transport and Logistics Industry Corporates and Financial Institutions to Kickstart the Beta Phase

Singapore, 30 September 2022

CO2 Connect Pte Ltd (“CO2 Connect”) announced today the launch of their Sustainability Transformation Programme for the Transportation and Logistics Sector at the Logistics and Transportation Conference 2022 organised by the Container Depot and Logistics Association Singapore (CDAS). The event was graced by Guest-of-Honour, Ms Low Yen Ling, Minister of State, Ministry of Trade and Industry.

The programme aims to help companies in the Transportation and Logistics sector kickstart their transition journey towards net zero with greater ease in line with Singapore’s 2050 net zero emissions goal, and it is supported by Enterprise Singapore under the Enterprise Sustainability Programme (ESP), which supports Singapore businesses on sustainability initiatives to capture new opportunities in the green economy

The Transportation and Logistics sector currently contributes 14.8% of all carbon emissions in Singapore[1]. The Sustainability Transformation Programme will enable companies to track their fleet’s carbon footprint and gain access to monthly reports on the company’s carbon performance. The Emissions Reduction Certificates (ERC) will be stored in a blockchain infrastructure and can be accessed by financial institutions for better financing rates and preferential rates for motor insurance. With a better understanding of their carbon emissions level, companies can devise reduction strategies and explore other ways of offsetting their carbon footprint with guidance from CO2 Connect.

Under the programme, CO2 Connect aims to onboard a total of 400 commercial (ICE) vehicles to their sustainability platform CO2X by the first year. Companies that successfully measure and monitor their carbon footprints for 6 months will be issued a LowCarbonSG Participant Logo awarded by the Global Compact Network Singapore (‘GCNS’) on their CO2 Connect Emissions Reduction Certificate.

CO2 Connect is led by chairman and co-founder, Mr Lim Chee Kean who is also the Chief Executive Officer of Ascent Solutions Pte Ltd, a portfolio company of DeClout Group. Mr Lim shared, “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. 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.”


Mr Law Chung Ming, Executive Director for Transport and Logistics, Enterprise Singapore said, “Decarbonisation is increasingly important for companies in the Transport and Logistics sector to stay relevant and access growth opportunities offered by the green economy. As a first step in their decarbonisation journey, companies can consider implementing carbon tracking and accounting to understand their carbon emissions, which will empower them to formulate reduction strategies accordingly. We are happy to support CO2X with the development of the Sustainability Transformation Programme to help more companies across the sector acquire such capabilities.”

CO2X Proof of Concept Participant, Mr Ricky Loo, CEO of CWT Integrated, said, “At CWT, we recognise the importance of embedding ESG and technology in the company’s operations to enhance competitiveness and be more environmentally responsible. In line with the government’s ambition to achieve net zero emissions by 2050, CWT is constantly on the hunt for innovative and robust ESG solutions in areas such as carbon reduction and data management. One such example is the CO2X platform, a data-driven solution that allows me to monitor and manage my company’s carbon footprint in a simple and effective manner. As a result, I am able to identify areas in my operations that were emitting high carbon and devise strategies to reduce carbon footprint and optimise operating and cost efficiency. CO2X is a great starting point for companies who are keen to embark on their green journey.”

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About CO2 Connect Pte Ltd

CO2 Connect Pte Ltd was founded by 3 innovative multi-award-winning Singapore-based companies – Ascent Solutions Pte Ltd, Evercomm Singapore Pte Ltd, and Hashstacs Pte Ltd (STACS), with a shared passion for technology for sustainability. By merging our proven expertise in the IoT, Data Analytics and Blockchain space, we bring ready solutions to address real world challenges within the sustainability space.

CO2X aims to be the world’s most inclusive sustainability platform where businesses, technology and finance meet to drive sustainable change, accelerating the adoption of data-driven sustainability solutions across businesses of all sizes, across all sectors.

Learn more about CO2X and register your interest: 

For media queries please contact:

Charlene Chen
Marketing & Communications, DeClout Pte Ltd
M: +65 92718547

Ezzati Azmi
Business Development Manager, CO2 Connect Pte Ltd
M: +65 8163 7856

Jeannie Lee
Business Development, Ascent Solutions Pte Ltd
M: +65 9652 7098

Annex A – About the CO2X Solution

CO2X automates the entire process through cutting edge IoT, blockchain and data analytics technologies. It will be an inclusive one-stop platform backed by industry standards, making it simple and accessible to all companies, regardless of size. 

CO2X will help companies in three key areas:

  • Quantification 

Data quantified through IoT and analysed through data analytics, will be converted into carbon emission data. Based on the data, CO2X will provide suggestions for fuel/carbon emission reduction. 

  • Accreditation 

Reports generated will undergo green accreditation according to different sustainability standards. CO2X will issue its own Carbon Avoidance Certificate (CAC) that is recorded on an immutable blockchain.

  • Monetisation

Boosted investor confidence due to trustable and accurate impact reports and carbon emission computations will enable corporates, especially small and medium enterprises, to attain better sustainable finance (e.g. better loan rates, more attractive insurance premiums, etc.).

Furthermore, companies will eventually be able to monetise their carbon emissions reduction journey by generating, or converting CACs into, quality carbon credits as tradable Non-Fungible Tokens (NFTs) on the blockchain.

Worries of greenwashing by Financial Institutions are kept at bay with greater transparency and traceability during audits and appraisals. Financial Services are able validate real-time data and projects to defray the risk when making green investments and loans. Hence, empowering them to make more informed and accurate assessments and mobilise capital within Environmental, Social and Governance (ESG) space.

CO2X platform is able to take away the complexity and build trust between businesses and financial institutions.

Annex B – About the Founder Companies

About Ascent Solutions Pte Ltd (“Ascent”)
Ascent Solutions is a Singapore-based company specialising in industrial IoT solutions for the Logistics/Supply Chain, Infrastructure and Trade Finance verticals. Established in 2010, Ascent’s founders are global technology executives with more than 20 years of proven track records in technology entrepreneurial endeavours. Ascent works with both private and public clients in various industries, providing consultancy, design, development and the deployment of end-to-end industrial IoT solutions, and is currently a Scale-up SG programme participant.

About Evercomm Singapore Pte Ltd (“Evercomm”)
Evercomm is a company that focuses on providing AI-driven Asset Performance Management (APM) solutions for energy-intensive enterprises. The company provides a holistic energy management approach combining energy supply and demand, decarbonisation services, environmental risks compliance reporting and management. Evercomm is participating in Enterprise Singapore’s Scale-up programme, and is also a Singapore Digital (SG:D) Accredited company. It works closely with the United Nations and various governments around the world to pilot industry-scale sustainability transformation initiatives.

About Hashstacs Pte Ltd (“STACS”)
STACS is a Singapore FinTech company providing Transformative Technology for the Financial Industry, with its live blockchain infrastructure that unlocks value and enables effective Sustainable financing. Its clients and partners include global banks, national stock exchanges, and asset managers. STACS is The Asset Triple A Digital Awards 2021 FinTech Start-Up of the Year, an Award Winner of the Monetary Authority of Singapore (MAS) Global FinTech Innovation Challenge Awards 2020, and also a two-times awardee of the Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant, under the Financial Sector Development Fund administered by MAS.