On 27 November 2017, the second day of the Sustainability Summit 2017, at Ritz-Carlton Hotel, Doha-Qatar, Gulf Organisation for Research and Development (GORD) signed a memorandum of understanding with Kuwait National Petroleum Company (KNPC) to establish collaboration for recognition of carbon reduction projects and issuance of carbon credits. The MoU was signed by Dr. Yousef (Founding Chairman GORD) and Mr. Shukri A Al-Mahrous (Consultant to CEO KNPC).Dr. Suad Abdul Wahed Abdulrahman Alradhwan, Manager, Research & Technology, KNPC was also present at the signing ceremony.
Commenting on the collaboration, Dr. Yousef Alhorr said, "We are proud of our long-standing partnership with KNPC and the sustainability milestones we have achieved together in implementing GSAS and we hope to achieve similar best practices in the field of carbon neutrality through GCT. We also expect that recognition and carbon credit finance support to KNPC project will generate interest among regional players to come forward with carbon emission reduction projects and catalyze climate actions in the region."
KNPC is the national oil refining company of Kuwait. Established in October 1960, KNPC handles the responsibility of oil refining, gas liquefaction, and distribution of petroleum goods within the local market. Following the vision of HH Amir of the State of Kuwait's to utilize renewable energy resources to produce 15% of the total electricity requirement by 2030, KNPC will implement two grid-connected solar photovoltaic (PV) projects of total capacity of 24.5 MW, one at forty-five (45) locations (building, car parking & open areas) in KNPC premises, and second in local market depots & 10 Petrol Stations. These projects will reduce significant carbon emissions.
A larger aim of KNPC in implementing the GHG reduction project is to support the implementation of Paris Agreement on Climate Change through regional actions and non-state actor participation.
Gulf Carbon Trust (GCT) is an initiative by Gulf Organization for Research & Development (GORD), and MENA region's first voluntary carbon offset program, to catalyze voluntary climate actions and reduce carbon foot prints of the organizations in the region. GCT will develop necessary GHG standard for KNPC's Grid-connected Solar Photovoltaic (PV) projects, evaluate the project submission made by KNPC and certify the projects. Upon approval of the project and start of actual operation, GCT will periodically issue the carbon credits for the project. GCT & KNPC will explore opportunities for selling these carbon credits to potential project supporters for a mutually agreed period and price.