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PRESS RELEASE
First in Southeast Asia: Citicore gets highest level of green certification from Cicero
Posted on January 5, 2022
Citicore Energy REIT Corp. (CREIT), the country’s first energy real estate investment trust has received a Dark Green Rating from Cicero Shades of Green.
CICERO Green is a subsidiary of the climate research institute CICERO – Norway’s foremost institute for interdisciplinary climate research – which delivers new insight that helps solve the climate challenge and strengthen international cooperation.
“CREIT is pleased to be graded as Dark Green by Cicero Green in a Company Assessment, the first in Southeast Asia. We’re happy that even our Governance is rated Good as well, despite not being a regulatory requirement for private companies. CREIT and the entire Citicore Group is committed to developing green energy sources for a sound market investment” said Oliver Tan, president and CEO of CREIT.
CICERO Green is the leading provider of second opinions on institutions’ frameworks and guidance for assessing and selecting eligible projects for green, sustainability and sustainability-linked bond investments.
Based on Cicero Green ratings, Dark Green ranks as the highest, followed by Medium Green, Light Green, Yellow and Red, depending on the environmental soundness of green projects, long-term support on low-carbon and climate resiliency.
CREITbelieves its pioneering Agro-Solar Social concept is key for the top rating it received.
Under this program, root crops, in this case turmeric, are planted beneath PV modules and proceeds from selling the harvests are split between the local farmers and the scholars in the community where Citicore plants are located.
CREIT’s Agro-Solar Social concept promotes shared goals of clean power generation, agricultural production, and socio-economic development.