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ABU DHABI - Abu Dhabi Future Energy Company, or Masdar, signed a framework agreement with Bahrain’s National Oil and Gas Authority on Monday to develop carbon emission reduction projects and monetise carbon reductions under the Kyoto Protocol’s Clean Development Mechanism or CDM.
The partnership provides a framework for cooperation under which Masdar will work alongside NOGA to identify, study and develop CDM projects within the oil and gas sector in Bahrain.
CDM is a framework under the Kyoto Protocol which allows companies in developing countries to realise revenues by turning emission reductions into tradable assets or carbon credits through a mechanism governed and audited by the United Nations.
As a result, CDM is playing a crucial role in assisting developing countries to achieve sustainable development and face the challenges of climate change.
“This agreement leverages the strong ties that exist between our countries and emphasises our shared commitment to promote environmental responsibility,” said Dr. Sultan Al Jaber, Masdar Chief Executive Officer.
He added that the initiative by NOGA will unlock the carbon reduction potential in the oil and gas industry in the region.
The agreement mainly focuses on carbon emission reductions derived from energy efficiency projects in the upstream, transportation and downstream parts of the industry as well as a close collaboration on research and information exchange related to clean energy and sustainable technologies.
Dr. Abdul Hussain bin Ali Mirza, Minister of Oil and Gas Affairs and Chairman of NOGA, said that driving a sustainable and environmentally friendly oil and gas industry is of prime interest to the nation’s leadership.
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