IslamicFinance.de

Karen Remo-Listama reported in Emirates Business 24/7 on 13 January that Carbon trading can fetch Gulf USD 5bn annually citing Armen Vartanian, Director at EcoVentures, the Middle East and North African (Mena) as there is no single project on carbon trading. Announcement of DMCC were out and also Doha Bank plans an exchange for carbon trading and works with the San Francisco, California-based RainTrust Foundation on the Qatar exchange project and has then secured expressions of interest from Citigroup and Credit Suisse Group. Chief Executive Officer Raghavan Seetharaman said the bank would invest USD 27 mn in its electronic Qatari exchange, and has so far spent USD 7 mn on a plot of land in the USD 2.6 bn Energy City business park that Qatar is building. The start depends on the overall market conditions. Masdar launched already in February 2008 a project to develop a national CO2 capture network capable of creating a significant reduction in Abu Dhabi's carbon footprint.