GORD and CESL Sign MoU on Fostering Carbon-Neutral Growth

GORD and CESL Sign MoU on Fostering Carbon-Neutral Growth By QNA - July 13, 2021

Gulf Organisation for Research & Development & Convergence Energy Services Limited

The Gulf Organisation for Research & Development (GORD), headquartered in Qatar, and Convergence Energy Services Limited (CESL), headquartered in India, have announced a cooperation agreement to foster carbon neutral growth by promoting GHG reduction projects and carbon offsetting.

Qatars Gulf Organisation for Research & Development (GORD) has entered into a memorandum of understanding (MoU) with Indias Convergence Energy Services Limited (CESL) whereby the two entities will work towards a range of initiatives aimed at accelerating climate solutions. The MoU was signed by GORDs Founding Chairman, Dr. Yousef Alhorr, and CEO of CESL, Mahua Acharya.

Areas of collaboration covered in the MoU primarily deal with GORDs activities for promoting MENA regions first and only voluntary carbon market program Global Carbon Council (GCC). Under this agreement, GORD will provide capacity building for CESL team in its plans to register all CESL GHG reduction projects with GCC to seek carbon credits issued to its projects. GCC is dedicated to drive climate actions to develop low-carbon economies. Carbon credits issued by GCC are fully approved under United Nations ICAO initiative "CORSIA" to be used for carbon neutral growth in international aviation industry as well as for carbon neutrality of other sectors.

Several corporates and airlines are eying upon GCC projects to procure carbon credits from, to achieve their carbon neutrality goals. There are several corporates opening the account at GCCs global carbon registry to be able to sell, buy or trade carbon credits issued by GCC.

Speaking on the sidelines of the event, Dr. Alhorr said "At GORD, we understand the genuine need to support GHG reduction projects to meet our net zero commitments."

By formalizing our collaboration with CESL, our overarching goal is to catalyze climate actions and sustainable development while also availing socio-economic benefits of carbon mitigation projects. CESL projects have high intrinsic value to communities and economy as a whole, apart from their natural role in climate mitigation."

Acharya said, "CESL is an organization of Government of India, committed to promote climate action and sustainable development by helping communities. We very much value the high-quality voluntary carbon market offered by Global Carbon Council and plan to register all our projects with GCC with an aim to raise extremely critical climate finance to ensure the viability of our projects. In this journey, GORDs cooperation on capacity building is very important for us."

The recent MoU between GORD and CESL comes as a continuation of a former agreement between GORD and EESL, CESLs parent company, in June 2020, whereby the two entities are collaborating to provide to Qatari stakeholders the solutions and technologies in energy efficiency, renewable energy, sustainable transport solutions, carbon offsetting and carbon neutrality. (QNA)

By QNA - July 13, 2021

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