Dubai Carbon announced its first carbon credit transaction, as it made its first sale of Certified Emission Reductions (CERs) from DEWA Chiller Station L Project through adopting the Clean Development Mechanism (CDM) to Farnek Total Facility Management.
This initial sale paves the way for expansion of the green economy in Dubai, inviting further investment in CDMs in the emirate, a statement said.
This inaugural sale of locally issued CERs contributes to the growth of green projects, and is a breakthrough in Dubai Carbon’s efforts as a green economy enabler.
A CER is a carbon certificate issued when an organisations prevents one tonne of CO2 equivalent being emitted through a registered carbon project.
The sale will also aid the efforts of Carbon Dubai in reducing the greenhouse gas emission footprint, and augment Dubai’s green economy ambition, as it reflects the growing demand for CERs in a diligent pursuit of sustainable development.
The project contributes to the isolation of 1,000 CERs (equal to 1,000 tonnes of CO2) achieving Farnek Total Facility Management’s emission reduction targets.
DEWA MD & CEO HE Saeed Mohammed Al Tayer said: “We are pleased that Farnek was able to offset their CO2 emissions through our Chiller Station L Project and wish them success for further adoption of clean and and renewable energy sources in the future, We are confident that Farnek will benefit from these units to reduce the effects of global warming on our planet for future generations.”
The Chiller Station L Project also records high rates of reduction of 26,800 tonnes of carbon dioxide per year, one of the few CDM projects in the Gulf producing carbon credit units, where 95,197 carbon credit units have been issued so far.
Markus Oberlin, CEO, Farnek, commented: “We are proud to be the first to purchase CERs from the maiden project generating carbon credits in the GCC. It also gives us the opportunity to support the efforts of the Dubai Government in creating an environmentally responsible economy.”