In line with the commitment to environmental stewardship, Francisco Motors and NetZero Global have partnered with Maharlika Carbon, the Philippines Article 6 Registry to access climate finance under Article 6 of The Paris Agreement thus contributing to the Philippines Nationally Determined Contribution as agreed with the UNFCC, further enabling the trading of ITMOs. This strategic collaboration will enable the mobilization of US$5 billion for the development and deployment of hydrogen-powered transportation infrastructure, further reinforcing the Philippines' position as a pioneer in Article 6
Immediate Release
Maharlika Carbon, Francisco Motors and NetZero Global Forge an Alliance worth
US$14 billion whilst Revolutionising & Decarbonising the Philippines Transport Industry
Manila, Philippines — 18th of March 2024 — In a landmark agreement aimed at transforming the transport landscape and decarbonising the Philippines, Francisco Motors and NetZero Global have announced their collaboration to either manufacture or repurpose hydrogen-powered jeepneys, utility vehicles, buses and taxis in the Philippines. This revolutionary initiative not only promises to elevate the nation's public transportation system but also presents significant economic and environmental benefits through the creation of jobs, transfer of technology and decarbonization of the Philippines economy.
Partnership
The partnership between Francisco Motors, a leading automotive manufacturer renowned for its commitment to innovation, and NetZero Global, a pioneer in Environmental Ventures, signifies a milestone in the journey towards a decarbonized, energy independent and more prosperous Philippines via the creation of NetZero Global Hydrogen Economy in the Philippines.
Hydrogen Economy
A hydrogen economy across the Philippines will reduce greenhouse gas emissions, enhance energy security, and foster economic growth, jobs and technology transfer. One of the key objectives of this collaboration is to alleviate the economic and environmental burden on the Philippines by eliminating the need for approximately US$9 billion in foreign exchange payments for fossil fuels. By shifting towards locally produced green hydrogen-powered vehicles, the Philippines can significantly reduce its reliance on imported fossil fuels, bolstering its economic resilience and fostering energy self-sufficiency.
Moreover, the introduction of hydrogen jeepneys, utility vehicles, buses and taxis through decarbonization of the transport network combats climate change and roadside pollution, whilst advancing environmental rejuvenation. These vehicles will operate on clean, green and fully renewable and sustainable energy, emitting only water vapor as a byproduct, thus contributing to the reduction of greenhouse gas emissions and mitigating the adverse effects of air pollution.
Article 6 of The Paris Agreement/Nationally Determined Contributions
In line with the commitment to environmental stewardship, Francisco Motors and NetZero Global have partnered with Maharlika Carbon, the Philippines Article 6 Registry to access climate finance under Article 6 of The Paris Agreement thus contributing to the Philippines Nationally Determined Contribution as agreed with the UNFCC, further enabling the trading of ITMOs. This strategic collaboration will enable the mobilization of US$5 billion for the development and deployment of hydrogen-powered transportation infrastructure, further reinforcing the Philippines' position as a pioneer in Article 6.
Collaboration
The collaborative efforts of Francisco Motors, NetZero Global and Maharlika Carbon underscore a shared vision for a sustainable future, characterized by economic prosperity, environmental preservation, and social equity. Through innovation, partnership, and collective action, these organizations are poised to drive meaningful change and leave a lasting legacy for generations to come. Stay tuned for updates and developments as Francisco Motors, NetZero Global, and Maharlika Carbon embark on this transformative journey to reshape the future of transportation and the Environmental Markets in the Philippines.
For media inquiries and further information, please contact:
Francisco Motors - Elmer Francisco (info@jeepney.io)
NetZero Global - Daniel Russell (daniel@netzero.global)
Maharlika Carbon - Ana-Maria Santos (ana.maria@maharlikacarbon.com)
Hydrogen Economy (Further Information)
A Hydrogen Economy is an economic system in which hydrogen gas (H2) serves as a primary energy carrier, replacing fossil fuels and saving the Philippines over US$9 billion a year. In a fully green and renewable hydrogen economy, H2 is produced from hydroelectric power and is then either stored, transported, and utilized in various sectors, including transportation, industry, power generation and residential heating.
Key characteristics of the NetZero Global hydrogen economy include:
1. Clean Green Renewable Energy: H2 is a clean energy carrier because its combustion or reaction with oxygen produces only water vapor as a byproduct, with zero greenhouse gas emissions when produced from hydroelectric sources.
2. Energy Storage: H2 is stored in various forms, including compressed gas, liquid hydrogen, and chemical compounds such as ammonia or hydrogen carriers, enabling long-term energy storage and grid stability.
3. Versatile Applications: H2 is used as a fuel for transportation, including fuel cell vehicles (FCVs) and hydrogen-powered jeepney’s, buses, trucks, ships, planes and trains. H2 can also be used in industrial processes, such as ammonia production, refining, and steelmaking, as well as in residential heating and power generation.
4. Decentralized Energy System: A hydrogen economy enables a decentralized energy system, with hydrogen production facilities located close to hydro dams or plastic waste plants enabling a distributed hydrogen network.
5. Economic Opportunities: A hydrogen economy creates economic opportunities, including job creation, skills and technology transfer along with access to Climate Finance and reduction of foreign currency spend on fossil fuels along with the export of hydrogen-related products and services.