Dubai Carbon announced its first carbon credit transaction, with the sale of the resulting Certified Emission Reductions, CERs, from Dubai Electricity and Water Authority Chiller Station L Project through adopting the Clean Development Mechanism (CDM) to Farnek Total Facility Management.
This initial sale paves the way for expansion of the green economy in Dubai, inviting further investment in Clean Development Mechanism (CDM) Projects in the Emirate.
This inaugural sale of locally issued CERs contributes to the growth of green projects, and is a breakthrough in Dubai Carbon’s efforts as a green economy enabler.
The sale which depends on locally produced CERs, enhances the development of Green Projects in Dubai, since it is considered as a major achievement in investing in CDM in the Emirate.
The sale will also aid the efforts of Carbon Dubai in reducing the greenhouse gas emission footprint, and augment Dubai’s green economy ambitions, as it reflects the growing demand for CERs in a diligent pursuit of sustainable development.
The project contributes to the isolation of 1,000 CERs (equal to 1,000 tonnes of CO2) achieving Farnek Total Facility Management’s emission reduction targets, highlighting the organisation’s commitment to social and environmental projects in Dubai.
Saeed Mohammed Al Tayer, MD & CEO of DEWA, said, "DEWA is committed to support the vision of His The Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Dubai Clean Energy 2050 strategy, and Dubai Plan 2021, to make Dubai a smart, environmentally clean, and sustainably healthy city, and for that, we support CDM projects."
"Our environmental strategy focuses on reducing carbon emissions based on the best integrated green practices at all levels of our operations to ensure protection of natural resources, and creating a sustainable carbon market is an important part of our vision, which is to build sustainable financing for green projects, and bring best practices into the market.
We are pleased that Farnek was able to offset their CO2 emissions through our Chiller Station L Project and wish them success for further adoption of clean and renewable energy sources in the future.
We are confident that Farnek will benefit from these units to reduce the effects of global warming on our planet for future generations," he said.
Markus Oberlin, CEO, Farnek, said, "Being a leader in providing innovative and bespoke solutions in the facility management sector, we are keen to invest in offsetting our emission footprint and reducing the impact of our businesses on the environment. We are proud to be the first to purchase CERs from the maiden project generating carbon credits in the GCC.
It also gives us the opportunity to support the efforts of the Dubai Government in creating an environmentally responsible economy."