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This agreement will promote Dubai as a leading centre for promoting carbon emission reduction initiatives in the region and elsewhere, focusing on identifying and developing clean technologies to generate carbon credits through projects that are compliant with the Kyoto Protocol's Clean Development Mechanism (CDM).
The Kyoto Protocol is an international agreement designed to limit the emission of greenhouse gases, which sets quotas on the amount of greenhouse gases countries can produce. Carbon credits provide a way to reduce emissions by giving them a monetary value.
CDM-compliant projects allow countries that need to satisfy UN-approved emissions caps to buy carbon credits from projects undertaken in emerging markets that currently do not have such caps. The net result is a reduction in harmful emissions worldwide and the promotion of sustainable development, as well as the transfer of technology and capital to emerging markets.
DMCC and EcoSecurities, through its office in Dubai, will work with both private and public sector project developers to identify CDM-compliant projects in the UAE and the Gulf Cooperation Council (GCC) region, assisting them in the development of their carbon emissions reduction potential.
Through the use of clean technologies and greater energy efficiency in their business operations, project developers will then be able to generate carbon credits and earn additional revenue.
DMCC and EcoSecurities will also advise businesses throughout the region, such as airlines and construction companies, on how they can successfully adapt their business practices to become carbon neutral, and achieve substantial marketing opportunities by offering their customers carbon neutral products.
Commenting on the agreement, DMCC's Executive Chairman Ahmed Bin Sulayem said,
"In the 21st century, economic development and environmental sustainability must go hand in hand. This agreement between DMCC and EcoSecurities shows that, in addition to being a pacesetter for economic expansion, Dubai is also a global leader in spurring the innovation, investment, technology and behavioural change necessary for intelligent sustainable development."
Dr. Tilak Doshi, DMCC's Executive Director for Energy, added, "In its mandate to facilitate the growth of the energy business in Dubai, DMCC has taken this strategic initiative with EcoSecurities to promote emission reduction investments, which yield both economic and environmental benefits."
Dr. Pedro Moura Costa, President and COO of EcoSecurities, stated, "EcoSecurities is delighted to be working in partnership with the DMCC. This strategic collaboration has the potential to drive significant emission reduction efforts in the region."
"The size of a company's environmental footprint is coming under ever closer scrutiny from governments, investors and consumers," said Souheil Abboud, EcoSecurities Regional Manager, Middle East. "By offering ways to enhance environmental credentials, even through measures as simple as using more energy efficient light bulbs, DMCC and EcoSecurities can help enhance a company's reputation and meet increasing demands for corporate responsibility from consumers and investors while deriving economic benefits from the CDM."
Posted by Anne-Birte Stensgaard, Senior News Editor
