By Sylvia Pfeifer Last Updated: 9:02am GMT 12/11/2006
Royal Dutch Shell, the oil group, has signed a groundbreaking partnership with a company based in Abu Dhabi to help industrialised nations cut the emission of harmful greenhouse gases. The deal, with Abu Dhabi Future Energy Company (Adfec), is part of the Middle Eastern oil state’s ambition to position itself at the forefront of the development of clean energy technologies.
It is due to launch a $250m investment fund in London this week that will take stakes in companies focused on developing such technologies.
Under the venture with Shell, the two companies will jointly develop projects to reduce carbon dioxide.
Once certified under the United Nations Framework Convention on Climate Change these projects are given credits – certified emission reductions or CERs – which can be converted into emission permits and sold to nations or companies in need of such credits.
In an ideal scenario, both the developing and developed nation would benefit: a developing nation like China, which is a huge emitter of harmful gases because many of its factories are based on old technology, would benefit from the inward investment from the project, as well as access to “green” technology; a developed nation such as Britain, would be able to buy the permits to help it meet targets set by the Kyoto Protocol.
“For developing countries such as China, India and countries in the Middle East and Africa, [this mechanism] is a nascent, fast-growing market,” said Sultan Ahmed Al Jaber, the chief executive of Adfec. “The global market is expected to go beyond $25bn.”
Malcolm Brinded, the head of Exploration and Production at Shell, threw his weight behind the partnership last night, saying the initiative “shows vision and leadership in its comittment to developing new and innovative ways to reduce greenhouse gases and help tackle climate change”.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/11/12/cnshell12.xml
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