Carbon Credits Drive Green Funding in Dubai

Environment

Carbon Credits Drive Green Funding in Dubai

Dubai Carbon announced its initial carbon credit transaction, with the sale of the resulting Certified Emission Reductions (CERs) from DEWA Chiller Station L. Project with embracing the Clean Development Mechanism (CDM) to Farnek Total Facility. Administration. This preliminary sale paves the way for development of the green economy in Dubai, welcoming more investment in Clean Development Mechanism (CDM) Projects in the Emirate.

This inaugural sale of in your area released CERs contributes to the development of green projects, and is a development in Dubai Carbon's initiatives as a green economic situation enabler.

The sale which depends upon locally created CERs, enhancesthe development of Green Projects in Dubai, because it is taken into consideration as a significant achievement in investin in CDM in the Emirate.

The sale will also assist the efforts of Carbon Dubai in decreasing the greenhouse gas emission impact, and boost Dubai's green economic situation passion, as it mirrors the growing demand for CERs in a persistent pursuit of sustainable development. The project contributes to the isolation of 1,000 CERs (equal to 1,000 tonnes of CO2) attaining Farnek Total amount Facility Monitoring's emission decrease targets, highlighting the organisation's commitment to social and environmental projects in Dubai.

HE Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA) said: "DEWA is committed to support the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the Dubai Clean Power 2050 strategy, and Dubai 2021 strategy, making Dubai a smart eco tidy sustainably healthy and balanced city, and for that, we support CDM projects".

" Our environmental technique focuses on lowering carbon exhausts based on the best
incorporated green practices in all degrees of our operations to guarantee security of natural resources, and producing a sustainable carbon market is an integral part of our vision, which is to build sustainable funding for green projects, and bring finest practices into the market. We are pleased that Farnek had the ability to counter their CO2 emissions with our Refrigerator Terminal L Project and want them success for additional adoption of tidy and renewable energy sources in the future, We are certain that Farnek will take advantage of these devices to lower the results of global warming on our world for future generations." said HE Saeed Al Tayer, MD & CEO,
DEWA.

Dubai Electricity and Water Authority (DEWA) is a key advocate of carbon reduction programs and is regularly taping new CDM tasks with Dubai Carbon to lower carbon emissions. The Refrigerator Terminal L Project, which is the source of the sale of recently sold CERs, also records high prices of decrease of 26,800 tonnes of co2 each year, one of the few CDM projects in the Gulf region producing carbon credit units, where 95,197 carbon credit systems have been issued up until now.

" Farnek chose to invest in the local economy in line with their business society and experience, thus straightening themselves to the nation vision and ambition." commented Eng. Waleed Salman, Chairman of Dubai Carbon. "We wish this will certainly influence other organisations in the Emirates to do the same to minimize the unfavorable effect on the atmosphere," he added.

Markus Oberlin, CEO, Farnek, commented: "Being a leader in providing innovative and bespoke services in the facility monitoring field, we are keen to buy offsetting our emission impact and minimizing the impact of our companies on the atmosphere. We are proud to be the very first to purchase CERs from the maiden project creating carbon credit reports in the GCC. It also provides us the opportunity to support the efforts of the Dubai Government in creating an environmentally responsible economy.