ABU DHABI, United Arab Emirates - Monday, June 20th 2011 [ME NewsWire]
The United Nations Framework Convention on Climate Change (UNFCCC) has formally adopted a methodology for identifying energy efficiency in buildings developed in Abu Dhabi by Masdar Carbon, one of the five integrated units of Masdar.
A first for the GCC region, the new methodology by Masdar Carbon enables organisations to monitor emission reduction from new buildings (large scale) under UNFCCC and potentially claim carbon credits under the Clean Development Mechanism (CDM) process.
Masdar Carbon’s methodology, the first large-scale system in the world for emission reduction credits in the construction sector, provides the guidelines for determining the baseline emissions from a building and monitoring energy efficiency improvements. It is also the first time the construction sector has been covered under the CDM scheme.
Project developers worldwide can utilise this methodology and potentially claim additional revenue streams from the sale of carbon credits leading to an increase of financial returns in these developments with the target to promote green building initiatives.
Work on the entire process started in 2009 and Masdar Carbon closely worked with the UNFCCC methodology panel to lead the approval process to success.
Bader Saeed Al Lamki, Associate Director, Masdar Carbon, said: “According to industry statistics, the construction sector is responsible for around 40% for global greenhouse gas (GHG) emissions. However, lack of an appropriate large scale methodology has so far failed to incentivise energy efficiency measures in this sector. Now, Masdar Carbon’s new methodology will enable removal of such barriers for implementation of energy efficient projects in this sector.”
Masdar Carbon took a lead role and appointed Perspective GmbH of Germany to work on the development of the methodology. The Masdar unit was involved at every step of formulating the methodology to ensure climate conditions in the Middle East and other regional circumstances are given due consideration. This is expected to help energy efficiency drive in buildings in the MENA region, where the GHG emission is relatively higher.
“As a Masdar unit mandated to realising profits from a portfolio of carbon credits, Masdar Carbon will continue exploring innovative methodologies that will positively impact the CDM and carbon capture and storage (CCS) projects,” added Al Lamki.
ENDS
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).
UAE projects registered by Masdar Carbon
1. Low pressure steam generation by recovering waste heat using Heat Re-claimers at Emirates CMS Power
2. Implementing energy efficient measures to reduce fuel gas consumption at GASCO
3. ADFEC 10 MW Solar Power Plant.
4. Abu Dhabi solar thermal power project, Masdar
Contacts
Masdar
Meray Atef
+971 2 653 6014
press@masdar.ae
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