Bonn, 12 September 2012 – A newly launched loan scheme aimed at increasing the number of Clean Development Mechanism (CDM) projects in developing countries has authorized the funding of Dubai Carbon’s energy efficient Compact Fluorescent Light (CFL) Distribution project.
The loan is considered an important break through and needed support for the development of CDM projects in the UAE. Dubai Carbon foresees the distribution of close to 800,000 CFL light bulbs to Dubai households, which will reduce the energy consumption for lighting potentially by as much as 70%. This will result in carbon emission reductions and savings on the energy bill for the consumer. As the bulbs are being distributed free of charge to the consumer, carbon credits are financing this initiative.
In total more than USD $3 million were granted towards 23 CDM projects, mainly located in Africa, the Middle East, Asia and Latin America. The CFL distribution project is one of the seven approved small-scale projects and one of the 2 approved projects located in the Middle East.
The loan will cover the development of project design documents, validation by designated operational entities and the first verification of emissions. The CFL project was legible as the UAE is considered part of the in least developed nations with fewer than ten registered CDM projects.
The scheme is run jointly by the United Nations Office for Project Services (UNOPS) and the United Nations Environment Programme (UNEP) Risoe Centre on behalf of the United Nations Framework Convention on Climate Change (UNFCCC).