The World Finance Carbon Market awards pay tribute to companies pioneering methodologies and making the investments.
Abu Dhabi-UAE: 22 June, 2011
Masdar Carbon, one of the five integrated units of Masdar, today announced it has won the inaugural ‘Best Carbon Markets Renewable Energy Project Developers – Middle East 2011’ Award from the prestigious World Finance magazine.
The World Finance Carbon Market awards pay tribute to companies pioneering methodologies and making the investments required to achieve significant reduction in carbon output that is demanded to safeguard the future of the global environment.
Published by World News Media Group, World Finance is a bi-monthly financial magazine covering topics on capital markets, risk management, corporate governance and regional markets including Asia, Latin America and EMEA.
Bader Al Lamki, Associate Director of Masdar Carbon, said: “Our most notable recent achievements include registration with the United Nations Framework Convention on Climate Change (UNFCCC) of four out of five clean development mechanism (CDM) projects in the UAE. Each of these projects, the first of their kind in the GCC, aims to reduce emissions, enabling us to earn carbon credits that can be monetised. Being the first to successfully receive carbon credits from the UNFCCC for a CDM project implemented in the GCC and realize the sale proceeds was a huge achievement.”
“We are also proud that the UNFCCC has recently adopted a new methodology for the CDM process developed by our team at Masdar Carbon. We are grateful to World Finance for the global acknowledgment that highlights our achievements. This award is a welcome recognition that will spur us on.”
The judging committee members of the magazine said Masdar deserved the award since the company had become a driving force in bringing about practical and pioneering solutions to carbon emissions by managing to engage all stakeholders, from international bodies through to individual engineers and scientists. In doing so, it had created an environment where real progress is being made.
Mandated to drive the adoption of efficient technologies to reduce carbon emissions from fossil fuels as well as monetise carbon emission reductions, Masdar Carbon continues to lead the UAE carbon capture and storage (CCS) project and successfully implement various CDM projects across the world.
About Masdar Carbon
Masdar Carbon, one of the five integrated units of Masdar, specialises in developing energy efficiency and clean fossil fuel projects that reduce carbon emissions while creating additional value through carbon monetization under international policy. It offers comprehensive Carbon Management Solutions including technical assistance, project management, carbon finance and emissions trading to asset owners across the world.
For further information, please visit www.masdar.ae
About Clean Development Mechanism
The CDM is a project-based mechanism created under the Kyoto Protocol that provides financial incentives to reduce greenhouse gas emissions in developing countries by converting emission reductions into tradable assets or ‘carbon credits’ known as Certified Emissions Reductions (CERs).
Projects that wish to generate CERs must be registered with — and approved by — the United Nations CDM Executive Board, which supervises the implementation of CDM under the 1997 Kyoto Protocol.
Projects also have to concurrently meet the sustainable development requirements of the ‘Designated National Authority’ (DNA) — the host country organisation responsible for local approvals of the project. In the UAE, the approval is provided by the Environment Agency – Abu Dhabi (EAD).