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DUBAL to trade 'carbon credits'

Dubai Aluminium (DUBAL) plans to begin trading “carbon credits” through a UN scheme aimed at reducing emissions in developing countries, the company said today.

Under the initiative, DUBAL will get paid for reducing greenhouse gas emissions from its aluminium smelter through the UN’s Clean Development Mechanism (CDM).
Part of the Kyoto Protocol, CDM allows industrialised nations with greenhouse gas reduction commitments to invest in projects to reduce emissions in developing countries rather than in more expensive emission reduction projects in their own countries.

DUBAL today signed an agreement with the Abu Dhabi government’s green initiative Masdar to develop and register a project under the CDM to monetise reductions in emissions.

“This CDM project will provide opportunities for us to market our capabilities and achievements, to the benefit of the global environment,” Abdulla Kalban, chief executive of DUBAL, said in a statement.

The project is aimed at capitalising on new technology DUBAL has installed to reduce emissions of perfluorocarbons (PFCs) given off during from the smelting process.

DUBAL said the project was the first of its kind in the Middle East. There are over 500 projects globally that have been registered by the CDM.

Earlier this year the CDM was criticised for paying over the odds for projects. A study published in Nature found CDM projects paid as much as 50 times more for the emission reductions than they actually cost, with the factories and carbon traders creaming excessive profits.

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