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An overwhelming majority of primary CDM credits now being traded or used for compliance are coming from only two countries – China and India. Though these two giants still present attractive opportunities for carbon investment, the geographical concentration of such a large amount of carbon is a key concern for those who need to buy this booming new commodity. China’s unofficial price floor, and uncertainties with projects in India, are only some of the major issues that project developers and their clients face in trying to source for credits to fulfill regulatory obligations and CSR targets in their countries of operation.

A unique combination of qualities makes the Middle East and North Africa a potentially lucrative new region for hosting CDM projects.

First, though the countries in the region are not the world’s heaviest emitters, due to inexpensive energy they house sizeable energy-intensive and carbon-intensive industries such as aluminum production, not to mention oil and gas.

Second, the region has some of the world’s wealthiest institutional and individual investors who can help with financing suitable projects for mitigating climate change. Attesting to this fact are massive projects completed or now underway for record-breaking 7-star accommodation in Dubai, buildings that generate their own energy in Bahrain, and even a carbon-neutral city in Abu Dhabi.

Third, interest is now rising steadily among the region’s governments, investors and local industry leaders in the benefits of projects and investment for sustainability.

Now is the time to catch that interest and build your business case with local stakeholders, get the inside track speaking with regulators about current trends and outlook, and learn effective strategies for dealing with the complex local landscape from project participants themselves.

Benefit from upcoming investment opportunities by learning about them first and up close. Join us at the Summit.

QATAR: March 6, 2008

DOHA - Middle Eastern and North African countries are flaring natural gas worth as much as $10 billion every year, a World Bank body said on Wednesday.

The Global Gas Flaring Reduction (GGFR) unit of the World Bank urged Gulf oil producers to join a programme to reduce emissions caused when gas, which is found when extracting oil and is thought too hard or costly to get to market, is flared off.
About 150 billion to 170 billion cubic metres of gas is flared annually, adding about 400 million tonnes of greenhouses gases in annual emissions, GGFR said at an industry conference in Qatar.

The Middle East and North Africa contribute about a third of the world's total, second only to Russia.

"My calculations (on the value) are about $10 billion," Bent Svensson, GGFR's manager, told Reuters on the sidelines of a gas conference in Qatar.

"Each cubic metre of gas flared is a waste of resources that also generates two kilogrammes of carbon dioxide into the atmosphere," he said.

Set up in 2002, the GGFR assists countries, international and national oil companies in reducing flaring.

Gulf Arab countries have yet to join the group, Svensson told a news conference.

With almost all Gulf Arab countries facing a gas crisis with the exception of Qatar -- the world's third largest exporter of liquefied natural gas -- the flared gas could be used for reinjection or feedstock in the petrochemicals sector or desalination, Svensson said.

Qatar and Kuwait are expected to sign up soon, Svensson said, adding that he also expected Oman and Saudi Arabia to join.

Joining up would see countries commit to targets to reduce flaring with the possibility of penalising companies that fail to meet the goals, he said.

(Reporting by John Irish; Editing by Inal Ersan and Anthony Barker)

REUTERS NEWS SERVICE