Yinson GreenTech has signed a participation agreement with Saxon Renewables to integrate eligible electric vehicle (EV) charging infrastructure into EVolve, a grouped carbon project registered under Verra’s Verified Carbon Standard (VCS). The partnership aims to generate carbon credits from verified emissions reductions associated with Yinson GreenTech’s eligible electric mobility activities in Malaysia.
The agreement was signed at Yinson’s office in Kuala Lumpur on 3 November 2026 by Kelvin Soon, Managing Director of EV Charging and Leasing at Yinson GreenTech, and Reik Ong, Managing Director of Saxon Renewables. CY Lim, Group Chief Executive Officer of Yinson Holdings Berhad, and Sabihah binti Salleh, Director of Standards and Certification at the Malaysian Green Technology and Climate Change Corporation (MGTC), witnessed the signing.
EVolve programme brings multiple charging networks under one carbon project
Developed by Saxon Renewables, EVolve is a grouped carbon project registered under Verra’s Verified Carbon Standard as Project 5416. The project was registered on 6 November 2025 and uses Verra’s VM0038 methodology for Electric Vehicle Charging Systems.
The grouped structure allows multiple eligible EV charging networks to participate under a common carbon accounting and monitoring framework rather than requiring each operator to establish a separate carbon project.
Under the VM0038 methodology, emissions reductions are calculated by comparing the emissions associated with electricity consumed during EV charging against the emissions that would have resulted from equivalent journeys using internal combustion engine vehicles.
The resulting difference represents potential emissions reductions, subject to the methodology’s requirements and independent validation and verification processes.
Yinson GreenTech to integrate charging infrastructure and strengthen monitoring
Under the agreement, Yinson GreenTech will focus on incorporating eligible charging infrastructure into EVolve and strengthening the data collection and monitoring systems needed for independent verification.
The collaboration will also progress towards carbon credit issuance, subject to the programme’s verification requirements.
Yinson GreenTech intends to expand its EV charging access and fleet electrification activities while exploring the programme’s potential application across its wider electric mobility portfolio.
Kelvin Soon said the partnership would help recognise the emissions reductions associated with electric mobility and channel their carbon value towards developing charging infrastructure and fleet electrification solutions.
The agreement marks the first technology-based carbon project advanced under Yinson Holdings’ Carbon Project Framework, which guides the group’s assessment and selection of carbon project opportunities and partners based on integrity, readiness and long-term value creation.
Partnership seeks to connect carbon finance with EV infrastructure expansion
For Saxon Renewables, the agreement brings Yinson GreenTech’s operational EV network into a regional carbon project designed to aggregate eligible charging infrastructure.
The company aims to use independently verified operational data to support carbon credit generation and provide participating charging operators with an additional potential revenue stream.
Reik Ong said the programme could help translate measurable emissions reductions from EV charging into carbon credits, supporting further investment in charging infrastructure and electric mobility across Malaysia and the wider region.
EVolve’s wider regional programme targets the integration of 30,000 charging points by 2030, according to Saxon Renewables’ original project announcement. It also outlines an expected 300,000 tonnes of COâ‚‚-equivalent emissions reductions over its initial seven-year crediting period, running from 2024 to 2031. These are programme-level targets and projections, not achieved results or credits already issued.
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The partnership illustrates how carbon markets are being used to explore additional financing mechanisms for transport electrification and charging infrastructure.
By aggregating multiple charging networks under a single registered carbon project, EVolve seeks to reduce the administrative complexity of carbon project participation and establish a common framework for measuring emissions reductions.
For Yinson GreenTech, participation creates a route to potentially monetise the climate benefits of eligible EV charging activities. For Saxon Renewables, the agreement expands the programme’s network of participating infrastructure operators.
