- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:50 06:04 12:14 15:39 18:19 19:33
Masdar, a wholly-owned subsidiary of the Mubadala Development Company, yesterday announced it signed an agreement with the Egyptian Sugar and Integrated Industries Company (ESIIC) to develop a fuel-switch project under the guidelines of the Kyoto Protocol's clean development mechanism (CDM).
The project, in which ESIIC will invest more than E£40million (Dh27.52m), will replace the company's consumption of mazut fuel oil with natural gas. It is expected to reduce carbon emissions by an equivalent of 57,200 tonnes of carbon dioxide (CO2) per year for a period of 10 years.
Masdar will monetise the emission reductions and provide advisory services required to register the project at the UN in line with the requirements of the Kyoto Protocol's clean development mechanism. Masdar will support the project execution in co-ordination with ESIIC and purchase the resulting carbon credits, thereby providing financial incentives for the development of the project.
Hassan Kamel Hassan Noman, CEO of ESIIC, said: "This agreement marks an important milestone for ESIIC and we are proud to be paving the way within the sugar industry to develop a fuel-switch under the guidelines of the Kyoto Protocol's CDM. Through the co-operation with Masdar, we aim to significantly reduce our emissions targets over the next 10 years, and alleviate the negative impact that they are having on the environment".
"This is our first CDM project in Egypt and we look forward to supporting ESIIC in its quest to reduce its carbon emissions. This agreement will act as a catalyst for other organisations to explore the benefits CDM can offer. This project reinforces Masdar's commitment to promote energy efficiency and sustainability in the region" said Sam Nader, Director of Masdar Carbon.
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