Modelo carbono-implicado de la tecnología NaaS: una oportunidad en el «oceano azul» en movilidad verde

China's voluntary carbon credit market is poised for explosive growth, driven by its ambitious "Dual Carbon" goals of carbon peaking by 2030 and carbon neutrality by 2060. With a projected market size of $10.59 billion in 2025 and a compound annual growth rate (CAGR) of 12.02% through 2033, the sector represents a policy-driven goldmine for innovators who can align with national priorities. Among the most compelling opportunities lies in green mobility, where electric vehicle (EV) adoption has surged to 60% of new car sales in 2024. Yet, the sector's environmental benefits are tempered by lifecycle emissions from manufacturing and scrapping. Here, NaaS Technology Inc. emerges as a trailblazer, leveraging a carbon-inclusive model to monetize emissions reductions in EV charging-a niche with vast untapped potential.

Early Mover Advantage in a Policy-Driven Sector

NaaS has positioned itself as a first-mover in carbon-inclusive EV charging, a space where regulatory tailwinds and technological innovation converge. In 2025, the company completed China's first carbon emission reduction credit transaction in the EV charging sector, trading 21,000 tons of carbon credits with strategic partner Kuaidian. This achievement underscores its alignment with China's Dual Carbon goals, which prioritize decarbonizing transportation-a sector responsible for 10% of the country's CO₂ emissions. By quantifying and monetizing low-carbon behaviors through its proprietary platform, NaaS is creating a blueprint for scaling carbon neutrality in mobility.

The company's carbon account system further cements its leadership. Users can track and redeem carbon points for incentives like charging discounts, fostering a closed-loop ecosystem that incentivizes green behavior. This approach mirrors the "Internet + Big Data + Carbon Finance" strategy outlined in policy discussions, positioning NaaS as a bridge between individual action and systemic climate goals.

Scalable Monetization: Proprietary Platform and Strategic Partnerships

NaaS's end-to-end carbon asset management platform is its most significant differentiator. The system integrates asset development, digital ledger management, certification, and transaction matchmaking, enabling seamless monetization of carbon reductions. By 2025, the company had already achieved 3.22 million tons of carbon reduction through its services, a figure that could grow exponentially as EV adoption accelerates.

Strategic partnerships amplify this scalability. NaaS collaborates with over 80% of China's EV original equipment manufacturers and 4,000 charge point operators, ensuring broad access to its carbon-inclusive model. These alliances are critical in a market where interoperability and standardization are prerequisites for mass adoption. Moreover, the company's expansion into Europe and Southeast Asia signals its ambition to replicate its success globally.

Technological Edge: AI and Automation for Operational Efficiency

NaaS's competitive advantage extends beyond partnerships. Its AI-powered NEF (NaaS Energy Fintech) platform optimizes site selection, predicts maintenance needs, and adjusts pricing dynamically, enhancing profitability and scalability. Complementing this is its autonomous charging robot technology, designed for driverless scenarios and equipped with advanced path-finding and obstacle avoidance capabilities. These innovations address key pain points in EV charging-convenience and efficiency-while reducing operational costs.

Financially, NaaS is navigating a growth phase. While Q4 2025 net revenue surged 95% year-over-year to $4.3 million, the company reported a negative EBITDA of $275.52 million. However, management projects monthly EBIT breakeven by late 2024 through cost controls and high-margin service focus. Given the sector's rapid expansion-China's new energy vehicle ownership exceeded 36 million by mid-2025-these losses appear as investments in a high-growth future.

A Policy-Backed Investment Case

China's carbon market is expanding beyond voluntary participation. The inclusion of sectors like steel and cement in its national carbon trading system signals a trajectory toward broader regulation, likely extending to transportation. NaaS's carbon-inclusive model is uniquely positioned to benefit from this evolution, as its platform can transition from voluntary to compliance markets with minimal retooling.

For investors, the case is clear: NaaS combines first-mover status, scalable technology, and strategic alignment with China's climate agenda. While risks such as regulatory shifts and operational losses exist, the company's innovative edge and the sector's policy-driven momentum create a compelling risk-reward profile. As the world's largest EV market races toward carbon neutrality, NaaS is not just a participant-it is a defining force in shaping the future of green mobility.