DMCC and Nakheel to work together on emissions reduction projects

DMCC and its partner, carbon reduction project developer EcoSecurities, will work with Nakheel to identify potential projects for reducing greenhouse gas emissions and improving energy efficiency. DMCC will facilitate the development of the CDM component of these projects, which in turn will create value by generating Certified Emissions Reduction (CERs) credits that can be traded on global carbon markets. This will enhance Dubai's position as a leading centre for carbon emissions reduction initiatives and firmly establish its place within one of the world's most rapidly growing industries.

Nakheel's groundbreaking innovation is already changing how the world views the future of urban design. This partnership with DMCC will ensure that such innovation is accompanied by environmental best practices that create a valuable and sustainable legacy for generations to come.

"Energy conservation and the reduction of greenhouse gas emissions are the main obstacles for Dubai to overcome, if it is to continue delivering both cutting edge and iconic developments and long-term environmental sustainability," said Ahmed Bin Sulayem, DMCC Executive Chairman.

"The combination of DMCC's expertise in CDM project development and Nakheel's position as a world leader in innovative urban project design creates a strong partnership for ensuring these challenges are met."

Nakheel's Chief Executive Officer Chris O'Donnell, added: "Nakheel has always been committed to providing ambitious and innovative low-carbon solutions that will ensure long-term environmental sustainability across our various projects. We are delighted to be working with DMCC to develop a proactive approach in identifying clean emissions solutions that will further enhance the sustainability of our developments."

"The opportunity to collaborate with experts on low-carbon and CDM opportunities from the start of the feasibility and outline design stages of our developments will enable Nakheel to effectively deliver solutions with longevity" added Nakheel's Michael Nates, Senior General Manager, HSE & Sustainability. "This agreement will support Nakheel's drive to integrate international best practices into and throughout our business operations."

DMCC signed an MOU with EcoSecurities in June 2007 to promote CDM projects, and generate emission reduction credits within the UAE, while building the profile of Dubai as a regional centre for carbon emission reductions and trading.