Dubai, March 27 (IANS) Dubai Multi Commodities Centre (DMCC) and the city-based development company Nakheel have signed an agreement to jointly promote clean development mechanism (CDM) to reduce greenhouse gas emissions in the United Arab Emirates (UAE). DMCC and its partner EcoSecurities will work with Nakheel to identify potential projects for reducing emissions and improving energy efficiency, WAM news agency reported Thursday.

DMCC will facilitate the development of the CDM component of these projects, which in turn will create value by generating Certified Emissions Reduction (CERs) credits that can be traded on global carbon markets.

This will enhance Dubai’s position as a leading centre for carbon emissions reduction initiatives and firmly establish its place within one of the world’s most rapidly growing industries.

“Energy conservation and reduction of greenhouse gas emissions are the focus areas and important for the long-term environmental sustainability,” said Ahmed Bin Sulayem, DMCC executive chairman.

“The combination of DMCC’s expertise in CDM project development and Nakheel’s position as a world leader in innovative urban project design creates a strong partnership for ensuring these challenges are met,” he said.

Nakheel’s Chief Executive Officer Chris O’Donnell said: “Nakheel has always been committed to providing ambitious and innovative low-carbon solutions that will ensure long-term environmental sustainability across our various projects.