The Dow Chemical Company (NYSE: DOW) and Gazprom Marketing and Trading Limited have signed a memorandum of understanding (MOU) to develop and implement greenhouse gas (GHG) reduction projects on a global basis.
Gazprom Marketing & Trading Ltd. is a UK registered subsidiary of Russian energy giant Gazprom (GAZP.RTS). Gazprom is the largest Russian company and is the biggest extractor of natural gas in the world.
The companies plan to work together to identify projects that could cumulatively reduce carbon dioxide (CO2) emissions through the implementation of Dow technologies and other cooperative efforts.
Gazprom Marketing and Trading will provide a route-to-market for emissions offsets and utilize its global counterparty base to bring Dow’s technologies to market. These projects are meant to bolster Gazprom Marketing and Trading’s carbon portfolio with additional certified offsets.
The two companies will work together to identify global projects that qualify for Clean Development Mechanism (CDM) or Joint Implementation (JI) status according to the United Nations Framework Convention on Climate Change (UNFCCC) requirements.
Dow and Gazprom Marketing and Trading will also collaborate on projects in the evolving U.S. carbon market, according to a release.
"Through this agreement with Gazprom Marketing and Trading, Dow products and technologies will have a channel to global oil and gas markets, and we will have access to certified emission reductions," said Rich Wells, Dow vice president of Energy and Climate Change. "This agreement aligns to our corporate strategy of participating in global offset projects to mitigate CO2 impact."
Loading...