Manara Developments goes 'Carbon Neutral'

Manara Developments is the first Real Estate developer in the GCC to have signed on with EcoSecurities. This agreement would enable EcoSecurities to assess, measure and offset the Company's carbon footprint, helping it reach a level of carbon neutrality that would support Manara's environmental integrity in line with the Company's 'All Considered' philosophy.

Commending Manara's pioneering approach, Mr. Souheil H. Abboud, Regional Director EcoSecurities - Middle East, stated that

"Manara Developments' decision to carbon balance their operations not only serves to fulfil their environmental commitments, but also contributes to introducing alternative models of sustainability in the GCC."

EcoSecurities is one of the world's leading companies in the business of originating, developing and trading carbon credits and a key player in guiding greenhouse gas emission reduction projects through the Kyoto Protocol.
"EcoSecurities is proud to partner with Manara Developments to make the latter one of the first real estate development companies in the GCC to carbon balance their operations. We hope Manara Developments' example will spur other real estate developers to take such concrete and visionary measures to improving our environment," continued Mr. Abboud.

Manara has committed itself to deliver a distinct portfolio of projects that are sensitive to their surroundings and leave a positive imprint on the community from a social, economic and environmental perspective.

"At Manara Developments, we strive to develop projects that sustain communities and enhance environmental appreciation whilst optimising investor returns. This agreement with EcoSecurities is a crucial step in underlining our commitment to corporate social responsibility and in developing a business model that embodies environmental concern at its very core," commented Kareem M. Shamma, Chief Executive Officer, Manara Developments.

Carbon neutrality involves calculating a company's greenhouse gas (GHG) footprint, measured in tonnes of CO2, by finding ways to reduce these emissions wherever possible and neutralising the remaining emissions through the purchase of carbon offsets. These offsets are usually purchased in the form of Voluntary Emission Reductions (VERs), where the money goes towards funding schemes that are proven and verified by World bodies, to reduce CO2 emissions, encourage new eco-friendly technologies and contribute to the economic stability of small communities in developing countries.

"We are dedicated towards bringing our business to carbon neutrality for two reasons. One, it will contribute in mitigating the adverse effects of climate change, and secondly, provide opportunities for saving costs through reduction in energy and improvements in resource planning," explained Mr. Shamma.

As part of the agreement, EcoSecurities will be measuring Manara's carbon footprint and assessing the company's direct energy consumption, from internal consumption at the Company's premises to business related air travel and commuting. EcoSecurities will then develop and refine the Company's strategies for pursuing carbon neutrality and identify cost-effective mitigation strategies as well as source verified offsets for Manara to invest in.

"Carbon neutrality is a relatively new phenomenon and is certain to gain importance and urgency in the years to come. As policymakers begin implementing rigorous measures to tackle global warming, companies that have invested in carbon neutrality, especially at an early stage like us, will have greater flexibility while navigating through a more restricted business environment," said Kareem.

EcoSecurities has been involved in the evolution of ideas and approaches to climate change strategies and carbon neutrality thinking for over fifteen years. They are specialised in helping companies ensure the environmental integrity of their efforts, and in helping companies take practical steps towards carbon neutrality.