Dubai steps up drive to develop low carbon economy
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Wed January 16, 2013 11:07 am

UAE. Dubai is stepping up its drive to develop a low carbon economy with the intensified efforts of the Dubai Carbon Centre of Excellence (DCCE) to help private and public sector companies manage their carbon reduction initiatives.

Established as a Private Joint Stock Company (PJSC) by DEWA, DUBAL, ENOC and Istidama, under the mandate of the Supreme Council of Energy, DCCE was formed mainly to assist in all carbon matters by providing access to best-practices through consultancy; advising on environmental finance and carbon credits and green investment funds; as well as implementing capacity building initiatives through trainings and workshops.

“There is a lot of demand for sustainability driven economic models, and DCCE was purposely established in this niche to facilitate the transition of the public sector to the changing climate-friendly environment," said Waleed Salman, Chairman of Dubai Carbon.

According to Mr. Salman, DCCE is at the forefront of reducing carbon emissions locally and regionally. Its core business is low-carbon advisory aimed at creating award-winning carbon management initiatives in private and public sector organizations, renewable energy projects, trainings and carbon credit registration under the Clean Development Mechanism (CDM).

Through carbon footprinting and energy audits, DCCE helps organizations map out their emissions and identify opportunities for emission reductions, which result in cost efficiencies and increased revenues.

“DCCE is also increasing Dubai’s green GDP by producing ‘green’ products and services and attracting foreign capital,” said Ivano Iannelli, CEO Dubai Carbon. “It is DCCE’s philosophy to approach projects in a manner that considers the financial outcome as much as the environmental impact, as all investment in green technologies must be economically viable.”

Officially launched by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UN Secretary- General Ban Ki-Moon in 2011, DCCE was established to bring carbon management know-how and international best practices to the region.

Since its establishment, it has successfully registered the first Dubai-based carbon credit projects with the United Nations Framework Convention on Climate Change (UNFCCC) in late 2012 for clients like DEWA and Dubal.

Currently, DCCE has a client base amongst Dubai’s leading developers, hospitality and transport companies, including Emirates Airlines, Emaar Properties and Imdaad.
DCCE will launch a series of initiatives for the Dubai public, starting with a large-scale energy efficient light bulb distribution to households. Here DCCE seeks to engage the public through volunteers that will spare some of their time to take the battle against climate change in their own hands.

The DCCE is also mandated by the Dubai Government to develop the Greenhouse Gas Inventory or “carbon footprint” for the emirate of Dubai, and will undertake the same exercise for the other emirates except Abu Dhabi mandated by the UAE Ministry of Environment and Water. “Early next year, the DSCE will publish the results of the Dubai GHG inventory conducted by DCCE and discuss the carbon strategy for the emirate in the years to come,” ended Mr. Salman.

About Dubai Carbon Centre of Excellence PJSC
The Dubai Carbon Centre of Excellence was launched by the Supreme Council of Energy (SCoE) in partnership with the United Nations Development Programme (UNDP) in 2011 as a public-private partnership to fast-track clean energy project development in the last years of the Kyoto Protocol.

The centre is the first body of its kind in the region and aims to leverage Dubai’s economic potential in carbon through the Clean Development Mechanism and other best practices. The DCCE is a key component of the Council’s efforts to develop a sustainable-energy economy for Dubai and plans to offset several million metric tons of carbon annually by selling carbon credits on the international market.

On a daily basis Dubai Carbon conceptualizes, manages, executes and monetizes greenhouse gas reduction measures. By doing so, it addresses climate change and promotes sustainable development across the region in an economically viable way. The Emirate of Dubai is becoming a low carbon economy and Dubai Carbon is the enabler and knowledge repository in that process.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 19, 2014
UAE. Key sectors driving growth in the housing market are the tourism, hospitality, education and healthcare sectors, which is translating into robust population growth and demand.
date:Posted: April 17, 2014
KUWAIT. According to a newly released report by Kuwait Finance House Research, the global sukuk market saw a modest volume of US$31.14 billion in new sukuk issuances in 1Q2014. This volume represents a drop of 9.82% compared to US$34.53 billion worth of issuances in 1Q13.
date:Posted: April 16, 2014
INTERNATIONAL. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about US$300 billionn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.
dhgate