ID :
101332
Wed, 01/20/2010 - 14:57
Auther :
Shortlink :
https://oananews.org//node/101332
The shortlink copeid
Masdar and E.ON Climate '&' Renewables establish EMIC
Abu Dhabi, Jan 20, 2010, (WAM)- Masdar, a wholly-owned subsidiary of Mubadala Development Company focused on renewable energy and sustainability, and E.ON , one of the world's leading utility companies, today announced an agreement to establish E.ON Masdar Integrated Carbon (EMIC), a joint venture company focused on developing carbon emission reduction projects on the global market.
EMIC will capitalise on the growth in the carbon market to monetize emission reductions resulting from improving the energy efficiency of industrial facilities. The company will develop, finance and implement projects in the Middle East, Africa and Asia with a particular focus on power generation and oil and gas. The emission reductions will be monetized in the form of carbon credits and traded under the current United Nations based Clean Development Mechanism or other applicable future international climate trading schemes.
Dr. Sultan Ahmed Al Jaber, Masdar Chief Executive Officer, said "This initiative builds on our already established successful relationship with E.ON and our matching vision about the carbon market and the choice of technology. It is a good opportunity to leverage our competitive advantage to create value on the global market".
The new joint venture will capitalize on the strengths of its parent companies to identify and develop opportunities within the target markets. Projects will focus on technologies with large carbon abatement reduction potential.
Frank Mastiaux, CEO of E.ON Climate '&' Renewables said "This activity focused on the carbon market will add another strong pillar to the already substantial business relationship between EON Climate '&' Renewables and Masdar in the space of sustainable and renewable energy. The JV underlines both our strong commitment to create a global project-driven carbon abatement business. Masdar and E.ON's combined significant and complementary expertise and market exposure will give the new company a leading edge in the market".
EMIC will capitalise on the growth in the carbon market to monetize emission reductions resulting from improving the energy efficiency of industrial facilities. The company will develop, finance and implement projects in the Middle East, Africa and Asia with a particular focus on power generation and oil and gas. The emission reductions will be monetized in the form of carbon credits and traded under the current United Nations based Clean Development Mechanism or other applicable future international climate trading schemes.
Dr. Sultan Ahmed Al Jaber, Masdar Chief Executive Officer, said "This initiative builds on our already established successful relationship with E.ON and our matching vision about the carbon market and the choice of technology. It is a good opportunity to leverage our competitive advantage to create value on the global market".
The new joint venture will capitalize on the strengths of its parent companies to identify and develop opportunities within the target markets. Projects will focus on technologies with large carbon abatement reduction potential.
Frank Mastiaux, CEO of E.ON Climate '&' Renewables said "This activity focused on the carbon market will add another strong pillar to the already substantial business relationship between EON Climate '&' Renewables and Masdar in the space of sustainable and renewable energy. The JV underlines both our strong commitment to create a global project-driven carbon abatement business. Masdar and E.ON's combined significant and complementary expertise and market exposure will give the new company a leading edge in the market".
