CAG, Dubai Carbon Centre sign deal for UAE carbon market

Capital Alternatives Group (CAG) has today announced a landmark partnership with the Dubai Carbon Centre of Excellence (DCCE) to supply Certified Emission Reduction carbon credits (CER’s) to businesses within the UAE.

The agreement which starts on Sunday, March 24th is a long-term agreement to bring together supply and demand for carbon credits and is seen as a milestone in the development of the UAE’s carbon market, allowing local businesses to reduce and offset their carbon emissions using locally sourced carbon credits from regional clean energy projects.

The partnership will also assist in facilitating the country’s strategy for a green economy, an initiative launched in January 2012 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai. Locally sourced carbon credits as the ones provided by DCCE, are co-funding green initiatives that benefit the Dubai green economy.

Under the terms of the accord, DCCE will provide access to carbon credits from Dubai-based projects of its client base, while CAG will provide the credits to businesses within the region that have, or are developing carbon management strategies. DCCE has successfully managed the registration of the first Dubai and Ras Al Khaimah-based emission reduction projects for clients like DEWA, Dubal and Union Cement Company (UCC), which will generate carbon credits from early 2013 onwards. Further projects are currently being in the process of registration and verification.

Headquartered in Jumeirah Emirates Towers, Dubai, CAG are the only carbon reduction organisation in the Gulf Region to be accredited by the Voluntary Carbon Standards Registry System and have declared the move as a revolutionary opportunity for companies to reap the benefits of becoming more environmentally friendly.

Mark L. Rafaj, CEO of CAG, said: “As businesses become more aware of the impact their emissions are having on the environment, we are seeing an increased awareness of the benefits that can be gained by reducing their carbon footprint. Most environmentally aware organisations understand that by reducing the amount of carbon they emit, they are embarking on a process of cost reduction too, which ultimately leads to greater profits. What business wouldn’t be interested in that?”  

The agreement between the region’s most prestigious carbon brokers and the DCCE is considered a regional benchmark for sustainable development, supporting the growth of Dubai as an environmentally friendly city.

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