Dubai developer Nakheel has signed a deal with Dubai Multi Commodities Centre (DMCC) in a bid to reduce carbon emissions across its portfolio of projects.
The DMCC, a government initiative aimed at reducing Dubai’s carbon footprint, will identify potential projects that allow Nakheel to reduce its greenhouse gas emissions and improve energy efficiency.
Ahmed bin Sulayem, executive chairman of the DMCC, said energy conservation and reducing gas emissions were the biggest obstacles facing Dubai’s plans to deliver iconic developments in the future.
The DMCC projects will generate certified emissions reduction (CER) credits that can then be traded by Nakheel on global carbon markets.
Chris O’Donnell, chief executive of Nakheel, said the developer was committed to providing innovative low-carbon solutions that would ensure long-term environmental sustainability across its projects.
Nakheel, part of state-owned conglomerate Dubai World, is developing three palm-shaped islands, an archipelago in the shape of a map of the world and a beachfront development and collection of islands called Dubai Waterfront along the emirate's coast.
The company also recently revealed plans to develop another manmade islands project called The Universe between the Palm Jumeirah and Palm Deira.
DMCC signed a memorandum of understanding (MoU) with carbon reduction project developer EcoSecurities in June to promote clean development mechanism (CDM) projects and generate emission reduction credits within the UAE.
The DMCC intends to promote Dubai as a regional centre for carbon emission reductions and trading.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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