MERCHANDISER
QATAR’S DOHA BANK aims to set up that Citigroup and Credit Suisse have public sectors that could generate
an exchange for UN regulated carbon expressed interest in the project. carbon credits.
credits in 2009, Deputy CEO Raghavan “The need to develop environmentally Meanhwile, the Chinese government
Seetharaman told reporters recently. and economically sustainable has approved 78 more projects that
Clean Development Mechanism businesses is becoming stronger. We can generate 8.9 million carbon credits
(CDM) projects that generate carbon need to strive towards investing in per year under the Kyoto CDM.
credits under the Kyoto protocol have
not been initiated in great numbers in
CDM Credit Trading Expands
the Middle East region, but several
companies have announced business approved and UN compliant clean China’s Office of National Coordination
plans recently indicating that Kyoto energy carbon credit programmes,” Committee on Climate Change, acting as
projects are gaining a foothold. Seetharaman told a Turkish audience China’s Designated National Authority
“The Gulf is the primary source of the earlier this month, suggesting Doha for the CDM, approved the projects in
oil and gas the world’s using,” said Bank would be primarily interested in July, but only announced the information
Seetharaman. “Emissions trading is not UN regulated credits. in late August.
only central to our corporate social In June, Ecosecurities, a UK listed With the new batch of approvals,
responsibility, it’s good business too.” buyer of carbon credits from China has now green-lighted 679 CDM
Exchanges in Buenos Aires, Hong greenhouse gas reduction projects, projects to be carried out in the
Kong, Sao Paolo and Singapore are all signed a tentative agreement with a country, with the potential to generate
in the process of setting up CDM credit free trade zone run by the Dubai 205.4 million CERs annually.
trading. CDM projects must be government to cooperate on the Credits from CDM projects can be
approved by the host country as well as sourcing of carbon credits in the UAE used for compliance purposes under
the government of the investor country and elsewhere in the Middle East. various mandatory schemes that cap
before they can be handed the final The Dubai Multi Commodities Centre companies’ and countries’ emissions,
stamp of approval by the UN. and Ecosecurities said in a recent joint such as the EU ETS and the Kyoto
Seetharaman said the bank is working statement that they will seek to Protocol.
with the US RainTrust Foundation and identify projects in the private and
www.pointcarbon.com
24
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- 25
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SEPTEMBER 2007 • MONACO [LE MÉRIDIEN]
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