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  • Published: Jul 2nd, 2009
  • Category: Asia
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Masdar signs third carbon deal

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Masdar, Abu Dhabis renewable energy company, has signed a framework agreement with Bahrains National Oil and Gas Authority (NOGA) to pursue projects to reduce carbon emissions from the production and processing of oil and gas.

The pact is the third such agreement the Government-owned enterprise has signed with a state petroleum company, and is an example of how Masdar hopes to profit from its growing expertise in clean energy through making international alliances.

Under the agreement signed yesterday, Masdar and NOGA will identify, study and develop projects they could profitably register under the UNs Clean Development Mechanism (CDM), an international programme that awards tradeable carbon credits for certified reductions in carbon emissions.

The CDM framework, which is part of the Kyoto Protocol on climate change, allows companies in developing countries to get paid for investing in such projects. The credits they receive can be sold on Europes carbon market, and may soon be traded in North America, if the US president, Barack Obama, makes good on plans to implement a carbon cap and trade programme for his country, the worlds biggest energy consumer.

Sultan al Jaber, Masdars chief executive, said yesterdays agreement would utilise the strong ties between the UAE and Bahrain, while promoting environmental responsibility.

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