University of Melbourne mathematicians have developed a software tool to help maximise investment and minimise the cost of carbon emissions compliance.
The tool - CarLO (Carbon Liability Optimiser) - is the first of its kind in Australia and will help businesses operating in a carbon constrained environment such as under the Carbon Pollution Reduction Scheme.
By inputting carbon reduction targets such as an Emission Trading Scheme (ETS), the tool selects the projects a company should undertake to maintain profits but limit emissions, and then schedules them over a long-term horizon.
CarLO was developed by Dr Heng-Soon Gan and Brendan Kite from the Melbourne Operations Research (MORe), a consulting group based in the Department of Mathematics and Statistics, University of Melbourne.
Melbourne Ventures, the commercialisation arm of the University of Melbourne, has identified a commercial partner in CARBONcontrol, a company which specialises in producing enterprise software that helps companies in Greenhouse Gas Emissions inventory management.
CARBONcontrol business director, Nick Stanley, says CarLO, in combination with the CARBONcontrol system, combines advanced optimisation techniques with enterprise-level software to provide a flexible approach to carbon emissions abatement and management, offering organisations of all sizes a fully integrated solution to their emissions management problems.
CARBONcontrol are currently canvassing organisations interested in becoming a partner for the implementation and setup of the system.
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