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SCC is a specialist climate change mitigation company which uses capital and technology to convert GHG emissions into long-term sources of revenue in this rapidly emerging market. SCC will use its significant pool of co-investment capital to expand the development of its GHG reduction projects, investment in new and emerging technologies, and acquisition of infrastructure assets in both emerging markets globally and in the United States.
H.E. Sultan Ahmed Bin Sulayem, Chairman of Dubai World and Chairman of Istithmar World, said:
"Our investment in the Istithmar & Sindicatum Climate Change Partnership underscores the Government of Dubai's continued commitment to the environment and its concern about the rapid climate change. We at Dubai World believe that sustainability and development are inseparable, it is a challenge to address global climate change while sustaining a growing global economy, but we are confident that we can do a lot in cooperation with SCC, which is best in class and brings a new discipline and focus to GHG emissions reduction projects around the world."
"We are delighted with this commitment from one the world's most prestigious investors. We are proud of how this reflects on our company and the recognition of "best in class" that it infers on us. We look forward to our partnership with Istithmar World Ventures and we believe that their global commitment to climate change mitigation as a long-term strategic investor should help us create significant value for our host government project partners and our shareholders" said Assaad Razzouk, Sindicatum Carbon Capital's CEO.
"ISCCP will play an important role as a co-investment vehicle to develop the more than $4 billion project pipeline we have in Asia, principally in China and Indonesia; ISCCP is not just another carbon credit purchasing fund " said Simon Zuanic, Sindicatum's Regional CEO for Asia.
Elaborating on the transaction, Istithmar World Ventures' Chief Executive Officer, Ahmed Bin Fahad, commented: "This investment will further Dubai's, and Dubai World's continued focus on the climate change sector. We believe that we will be able to enhance the growth of Sindicatum Carbon Capital's business by leveraging our commitment to climate change mitigation in our region and beyond."
Posted by Anne-Birte Stensgaard, Senior News Editor
