Masdar-E.ON JV to develop emission reduction projects
Masdar, a wholly-owned subsidiary of Mubadala Development Company focused on renewable energy and sustainability, and E.ON, one of the world's leading utility companies, yesterday announced an agreement to establish E.ON Masdar Integrated Carbon (EMIC), a joint venture company focused on developing carbon emission reduction projects on the global market.
Headquartered in Masdar City, EMIC will capitalise on the growth in the carbon market to monetise emission reductions resulting from improving the energy efficiency of industrial facilities. It will develop, finance and implement projects in the Middle East, Africa and Asia with a particular focus on power generation and oil and gas. The emission reductions will be monetised in the form of carbon credits and traded under the current United Nations based Clean Development Mechanism or other applicable future international climate trading schemes.
Masdar Chief Executive Officer Dr Sultan Ahmed Al Jaber said: "This initiative builds on our already established successful relationship with E.ON and our matching vision about the carbon market and the choice of technology. It is a good opportunity to leverage our competitive advantage to create value on the global market."
EMIC will be one of the leading edge companies in the full value chain management of a carbon abatement projects and will be able to achieve this all in-house.
The venture will capitalise on the strengths of its parent companies to identify and develop opportunities within the target markets. Projects will focus on technologies with large carbon abatement reduction potential.
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