PHI Group Engages in Blockchain and Crypto Technologies in Disruptive New Carbon Mitigation Initiative Through Environmentally Friendly Projects, CO2-1-0 (CARBON)

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New York, August 06, 2021 (GLOBE NEWSWIRE) – PHI Group, Inc. (www.phiglobal.com, PHIL), a company that is currently focusing on the implementation of PHILUX Global Funds, an organized Luxembourg banking fund group as a Reserved Alternative Investment Fund (RAIF), and developing the Asia Diamond Exchange (ADE) in Vietnam, is pleased to announce that it has signed a letter of intent with the CYFS group based in Indonesia to sponsor and co-found CO2-1-0 (CARBON), a disruptive new initiative to mitigate carbon emissions through environmentally sustainable projects starting in Indonesia, Vietnam, other ASEAN countries and the world. According to the letter of intent, PHI Group will contribute a significant portion of the development budget in exchange for 50.1% shares of CO2-1-0 (CARBON).

According to the United Nations Framework Convention on Climate Change (UNFCCC), as well as the Paris Agreement and the Kyoto Protocol in 2016, where Indonesia actively participated and agreed to maintain the earth’s temperature not to exceed 1.5 degrees Celsius by 2030. Greenhouse gases (GHGs), mainly CO2, CH4, N2O, SF6, HFC, PFC, are the cause of global climate change, each of which can be calculated by CER equivalent (CO2 Emission Reduction). The target for Indonesia is 834 million tonnes of CERs by 2030.

Currently, CER is tediously registered, validated and certified centrally according to the UNFCCC methodology by a few independent institutions, mainly in the United States and Europe, where CER can then be traded voluntarily (in the form of carbon credits). In the last 5 years, the carbon credits market has been almost zero, and due to the complexity of the processes, many companies / projects are less inclined to engage in the carbon credits opportunity. Many environmentally friendly projects (renewable energy / waste / agriculture / forestry / etc.) Have not obtained financial support, especially at the initial / development stage, for the above reasons resulting in lower value economics of the project or delays.

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Although the carbon market is still in the hibernation phase, the value of CER is expected to reach USD 100 / tonne of CER by 2030, while cryptocurrency is just beginning and has attracted many millennials and the Generation Z who are more aware of the green environment and sustainability. (recent survey result, Indonesian students, July 12-13, 2021). It is believed that from 2022 the world will see a boom in renewable energy projects / sustainability initiatives linked to carbon credits, with a huge market size of 23 gigatonnes of CO2 emissions to be reduced by 2030 The Voluntary Carbon Markets (TSVCM) Scaling Working Group, sponsored by the Institute of International Finance (IIF) with knowledge support from McKinsey, estimates that demand for carbon credits could increase by a factor of 15 or more by 2030 and a factor of up to 100 by 2050 Globally, the carbon credit market could be worth more than $ 50 billion by 2030.

CO2-1-0 (CARBON) aims to provide a solution in a new decentralized and disruptive carbon market system using blockchain technology that will strengthen environmentally friendly projects (renewable energy / waste / agriculture / forestry / etc .) from Indonesia, Vietnam, other ASEAN countries and worldwide. It has a clear and systematic product development roadmap and ultimate stages of products that are expected to be launched in the near future. The TACCC (Transparent, Accurate, Consistent, Comprehensive and Comparable) improved solution, methodology and business process originally introduced by CO2-1-0 (CARBON) will have a total impact on a better environment and the lives of millions of people. people.

PHI Group’s commitment to CO2-1-0 (CARBON), whose disruptive new carbon mitigation plan is part of the company’s overall initiative using blockchain and crypto technologies to deliver innovative solutions and potentially create significant value for our shareholders.

About PHI Group, Inc.

PHI Group (www.phiglobal.com, PHIL) mainly focuses on the advancement of PHILUX Global Funds, a group of Luxembourg banking funds organized as a reserved alternative investment fund (RAIF) (www.philux.eu), and on the creation of the Asia Diamond Exchange (ADE) in Vietnam. The Company also engages in mergers and acquisitions and invests in selected industries and special situations which can significantly increase shareholder value.

Safe Harbor Act and forward-looking statements

This press release contains forward-looking statements in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and are usually preceded by words such as may, future , plan or planned, will or should, planned, anticipate, draft, possibly or projected, which are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the statements due to various factors.

Contact:

PHI Group, Inc. [email protected]

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