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Asharq Al-Awsat

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Dubai - Asharq Al-Awsat

APICORP, Hartree Sign $75M Islamic Facility for Voluntary Carbon Offsets

The first-of-its-kind facility in the MENA region will fund high-quality voluntary carbon offsets. Asharq Al-Awsat

The Arab Petroleum Investments Corporation (APICORP) has signed a $75 million Murabaha agreement in favor of Hartree Partners Power & Gas Company (UK) Limited, an affiliate of Hartree Partners LP.

The first-of-its-kind facility in the MENA region will fund high-quality voluntary carbon offsets, which will be used to develop environmentally friendly projects worldwide. Each carbon offset represents the ownership of one ton of carbon dioxide equivalent (CO2e) which offsets corresponding emissions by the holder.

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