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24 September
September 2006
Web coverage:
Tuesday, 19 September - Wednesday, 20 September - Thursday, 21 September
Highlights from Tuesday, 19 September

The First International Conference on the Clean Development Mechanism (CDM) in Saudi Arabia opened on 19 September 2006, at the Intercontinental Hotel in Riyadh, Saudi Arabia. In morning and afternoon sessions, delegates listened to presentations from experts relating to the theme “The Kyoto Protocol and Saudi Arabia: (From) Observation (to) Acceptance (and) Fast Implementation.” Presentations during the morning session concerned CDM background and overview, while the afternoon sessions were on CDM methodologies and projects. Participants also heard keynote speeches in a morning opening session and in an evening official ceremony, which was attended by His Excellency, Ali I. Al Naimi, Minister of Petroleum and Mineral Resources of Saudi Arabia, and His Royal Highness Prince Salman Bin Abdulaziz Al Saud, Governor of Riyadh.

Opening Session
Mohammad Barkindo, Acting Secretary General of OPEC, Conference Chair Mohammed Al Sabban, Conference Chair and Senior Advisor to the Minister of Petroleum and Mineral Resources of Saudi Arabia, and Yvo de Boer, Executive Secretary, UNFCCC

Mohammed Al Sabban highlighted the significance of the CDM, and noted the continued importance of oil for energy globally. Mohammad Barkindo emphasized the origins of the CDM, its transformation into an investment mechanism and its importance for developing countries in transferring technology and facilitating sustainable development. Yvo de Boer underscored a number of CDM achievements, noting that COP/MOP 1 succeeded in simplifying some of the complexities associated with the CDM.

Session 1: CDM: Background and Overview
Mervat Tallawi, Executive Secretary, UN Economic and Social Commission for Western Asia (ESCWA), chaired the session, and explained that it aimed to clarify the fundamental principles and concepts of the Kyoto Protocol and to underscore policy priorities and strategies underpinning the CDM
Kai-Uwe Barani Schmidt, UNFCCC Secretariat, outlined the origin and objectives of the CDM and suggested similarities between the CDM project cycle and the normal business cycle for a “product” or “deliverable”

Andrei Marcu, President and CEO, International Emissions Trading Association, made a presentation entitled, “CDM Functioning and Meeting Expectations: What are prospects for the future?” Noting that the CDM is a public/private and a North/South partnership, he highlighted that it presents one way of moving forward in combating climate change

John Kilani, Qatar Petroleum, presented on establishing an adequate framework for the Gulf Cooperation Council (GCC) region
Session 2: CDM Methodology

Salim Badri El-Meouchi, Badri & Salim El- Meochi Law Firm (left), noted that finance for Kyoto Protocol-related activities is not an imported concept and can be associated with Islamic transactions

Edward Manukian, Xenel-Balderrie Project Finance and Advisory (right), focused on integrating Kyoto finance and project finance possibilities in emerging markets

Rajesh Kumar Sethi, CDM Executive Board, focused on the CDM project and methodology tools, CDM opportunities in the petroleum sector and the experiences of the Indian DNA. Chadia El-Meouchi, Badri & Salim El-Meouchi Law Firm, outlined the role of emission reduction purchase agreements (ERPAs) in the CDM and the importance of lawyers in CDM project transactions at all levels, including providing advice on risk allocation between project participants
Session 3: CDM Projects
Adil Bushnak, Bushnak Consulting (left), discussed desalination projects in Saudi Arabia using renewable energy. Session Chair Abbas Naqi, Deputy Minister of Energy, Kuwait (right), noted that the CDM is connected to the environment, investment, climate and energy, all of which may affect sustainable development in many countries.
Adrian Stott, Mitsubishi JUF Securities (left), discussed CDM projects being worked on by the Clean Energy Finance Committee of his organization that may be relevant to Saudi Arabia and other GCC countries. Jose Domingos Miguez, CDM Executive Board Chair (left), presented on the operations of the CDM EB and its key challenges.
Harry Audus, International Energy Agency (IEA) (right), discussed progress toward agreement on the principles of a CCS-CDM methodology
Official Opening

In emphasizing the need for continued development and more oil production to meet growing demand, Conference Chair Al Sabban suggested that the CDM promises to provide a great opportunity. His Excellency, Ali I. Al Naimi, Minister of Petroleum and Mineral Resources of Saudi Arabia, noted the participation of Saudi Arabia in the UNFCCC and the Kyoto Protocol, and said that as Saudi Arabia relies on crude oil exports, it looks positively on the CDM as a factor to help economic diversification. His Royal Highness Prince Salman Bin Abdulaziz Al Saud, Governor of Riyadh, expressed hope that industrialized countries will fulfill their emissions reduction obligations by helping developing countries that are highly dependent on the export of fossil fuels in achieving economic diversification through the CDM.

Miscellaneous Photos


Web coverage:
Tuesday, 19 September - Wednesday, 20 September - Thursday, 21 September
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