The JV 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, namely: fuel switching, open cycle to combined cycle gas turbine conversion, gas pipeline leakage reduction and gas flare reduction.

Headquartered in Abu Dhabi’s Masdar city, EMIC will capitalize 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 UN based clean development mechanism or other applicable future international climate trading schemes.

Sultan Jaber, CEO of Masdar, said: “This initiative builds on our already established successful relationship with EON 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.”

Frank Mastiaux, CEO of EON Climate & Renewables, said: “This activity focused on the carbon market will add another strong pillar to the 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 EON’s combined significant and complementary expertise and market exposure will give the new company a leading edge in the market.”