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Emission reduction projects on the anvil in Abu Dhabi
Agreement allows Masdar to identify and develop a portfolio of CDM projects at Adnoc group companies' facilities in Abu Dhabi on an on-going basis.
- Staff Report
- Published: 23:15 January 18, 2009
Dubai: Masdar and the Abu Dhabi National Oil Company (Adnoc) on Sunday signed a framework agreement to develop a series of ground-breaking projects to reduce carbon emissions from Abu Dhabi's oil and gas facilities and monetise the emission reduction under the Kyoto Protocol's Clean Development Mechanism (CDM).
Masdar is driven by the Abu Dhabi Future Energy Company (Adfec), a wholly owned company of the government of Abu Dhabi through the Mubadala Development Company.
The Masdar Initiative is Abu Dhabi's multi-faceted investment in the development and commercialisation of innovative technologies in renewable, alternative and sustainable energies as well as sustainable design. Masdar is driven by the Abu Dhabi Future Energy Company (Adfec), a wholly-owned company of the government of Abu Dhabi through the Mubadala Development Company. In January 2008, Abu Dhabi announced it would invest $15 billion (Dh55.17 billion) in Masdar, the largest single government investment of its kind.
The CDM, a project-based regulatory mechanism led by the United Nations, provides financial incentives to reduce greenhouse gas emissions in countries that do not have binding reduction commitments under the Kyoto Protocol.
The agreement allows Masdar to identify and develop a portfolio of CDM projects at Adnoc group companies' facilities in Abu Dhabi on an on-going basis.
Five CDM projects are currently under development by Adnoc, with the capacity to reduce four million tons of carbon dioxide emissions, are already in the pipeline for registration at the UN by Masdar.
"Adnoc's partnership with Masdar raises the bar for oil companies looking to reduce their carbon footprint. We are proud to work with Masdar such that the CDM can be effectively used to support our efforts to reduce environmental impact and ensure a sustainable future for the industry," said Yousuf Omair Bin Yousuf, Adnoc's chief executive officer.
As part of the agreement, Masdar will monitor the life cycle of the CDM projects in Adnoc's portfolio and assure their registration at the UN, the monitoring of emissions and the delivery of carbon credits.
"Our agreement with Adnoc is a step forward towards fulfilling the Abu Dhabi leadership's directives to reduce carbon emissions," said Dr Sultan Al Jaber, Masdar's chief executive officer.
"Introducing the CDM at Adnoc is an important step into building a successful and sustainable low carbon economy in Abu Dhabi and Adnoc facilities present a tremendous opportunity for Masdar to deliver on one of its missions - to become a carbon emission reduction solution provider at home," added Al Jaber.
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