KUALA LUMPUR (Nov 10): Citaglobal Bhd (KL:CITAGLB) said on Tuesday that it is expanding its environmental business through a partnership to explore carbon credit schemes via mangrove conservation projects in Pahang and Lampung, Indonesia.
The engineering and energy group’s unit, Citaglobal Environment Management Sdn Bhd (CGEM), will work with Kitaran Tabah Sdn Bhd to evaluate these blue carbon projects, in which verified climate outcomes are leveraged for commercial opportunities.
“Blue carbon calls for disciplines our environment business already practises: choosing the right sites, earning the trust of communities and authorities, and being clear about rights before committing capital,” said Citaglobal Environment Management chief executive officer Thye Chee How.
Developed in regions where the group is already pursuing environmental infrastructure, the initiative aims to generate verified climate outcomes by conserving threatened mangroves and restoring degraded areas, with Kitaran Tabah leading the carbon development process from feasibility to international verification.
“Pahang and Lampung both have mangrove areas where conservation and restoration can make a real difference to the coastline and the people who depend on it,” said Kitaran Tabah director Akhramsyah Sanusi.
The partnership also builds on the group’s waste-to-energy capabilities through its unit LAWI Engineering GmbH (LAWI Germany), which provides proprietary combustion technology and engineering expertise across Southeast Asia.
Additionally, LAWI Germany — which is 55%-owned by CGEM —recently secured a RM29 million share of a RM52.1 million contract for the Siam Power Naklang waste-to-energy project in Nakhon Ratchasima, Thailand.
Citaglobal shares ended four sen or 3.48% higher at RM1.19 on Tuesday, giving the group a market capitalisation of RM670.4 million.