How EKI Energy-FARI Solutions Partnership will Revolutionize Carbon Credits in Azerbaijan

EKI Energy Services Ltd., a trailblazer in sustainable energy and carbon credits, has announced a groundbreaking collaboration with FARI Solutions, a leader in blockchain R&D operating across North America, Europe, and Eurasia, including Azerbaijan. This Memorandum of Understanding (MoU) marks a significant milestone in EKI’s mission to lead carbon credit initiatives and boost sustainable development in the region.

EKI Takes Charge of Carbon Credit Lifecycle

Under this agreement, EKI will act as the strategic partner of FARI Solutions, managing all aspects of carbon credit processes. It will include conceptualizing, documenting, verifying, issuing, and trading. This strategic alliance aims to enhance the competitiveness of both companies while fostering business growth in Azerbaijan.

The press release states that,

“The MoU delineates the areas, institutional arrangements, and general conditions governing the cooperation between EKI Energy Services Ltd. and FARI Solutions. It serves as a comprehensive framework that embodies the mutual commitment towards achieving shared objectives in sustainable energy and environmental stewardship.”

Some other significant attributes of this partnership are defined below:

1. Exclusivity and Innovation in Azerbaijan

The MoU grants FARI Solutions exclusive rights to activities within Azerbaijan, reinforcing EKI’s commitment to impactful strategic collaborations.

Shafiq Amiri, Chief Operating Officer of FARI Solutions, highlighted the innovative potential:

“Our partnership with EKI’s renowned energy solutions expertise promises groundbreaking advancements in tokenizing the carbon credit landscape. Together, we will lead the charge towards a greener future for Azerbaijan and global carbon markets.”

2. Positioned for Global Impact at COP29

This MoU coincides with the upcoming COP29 climate conference in Baku, Azerbaijan, positioning EKI and FARI Solutions to showcase innovative carbon credit management solutions. As Azerbaijan takes the global stage for climate discussions, this collaboration is a model for other nations transitioning to greener futures.

This partnership can inspire significant progress globally by boosting carbon credit initiatives and sustainable practices in Azerbaijan. Thereby contributing to the goals of COP29.

3. Leadership Statements: Driving Sustainable Change

Manish Dabkara, Chairman and Managing Director of EKI Energy Services Ltd., expressed his enthusiasm,

“We are thrilled to embark on this journey with FARI Solutions, leveraging our combined expertise to advance sustainable energy initiatives in Azerbaijan. This partnership highlights our dedication to driving meaningful environmental change globally.”

Siddhant Gupta, Vice President of Business Development at EKI Energy Services Ltd., echoed this sentiment:

“Partnering with FARI Solutions is a strategic move that aligns with our mission to pioneer sustainable solutions worldwide. Together, we are set to catalyze transformative change in Azerbaijan’s carbon credit sector, setting a new standard for sustainability in the region.”

EKI Energy’s Global Impact: Pioneering Carbon Offsets and Blockchain Innovations

Founded in 2008, EKI Energy Services Ltd. is a global leader in carbon credit development and supply. As the first company to list a Plastic Project from India with Verra, EKI is committed to achieving net-zero carbon emissions by 2030.

Listed in the Bombay Stock Exchange (BSE), it offers a range of sustainable solutions for climate change and carbon offsets, adhering to global standards.

With operations in over 16 countries and a customer base spanning more than 40 countries, EKI has supplied over 200 million offsets.

Some other remarkable achievements include:

They successfully listed the first Plastic Project from India with Verra, maintaining compliance with international standards such as CDM, VCS, and Gold Standard.
The company conducted comprehensive sustainability audits for over 3,500 clients, assisting businesses in mitigating their carbon footprints.
It has formed strategic partnerships to advance blockchain-based carbon credit solutions and launched initiatives to achieve carbon neutrality and climate positivity.

source: EKI

FARI Solutions: Leading the Path Towards Net-Zero Emissions

FARI Solutions, a diverse team of professionals spanning North America, Europe, and Asia, specializes in blockchain investments and drives innovation across industries. The company aims to:

Develop and implement innovative technologies for carbon tracking and trading.
Enhance transparency and efficiency in carbon credit markets.
Bring digital transformation initiatives in finance, supply chain, healthcare, and government sectors.
Create scalable solutions that contribute significantly to global carbon reduction targets.
Partner with industry leaders and engage in cutting-edge research.

Their commitment to net zero goals propels their efforts to lead in environmental stewardship. It sets new standards for digital transformation in the carbon credit sector.

EKI Energy Hails U.S. Support for VCMs, Praises India’s Bold Actions

According to their latest press report, the company has applauded the Biden-Harris Administration’s new principles for high-integrity voluntary carbon markets. This announcement, supported by a Joint Statement of Policy, marks a significant step towards credible and ambitious climate action.

The endorsed principles highlight the U.S. government’s commitment to responsible participation in VCMs. These principles set clear incentives and safeguards to ensure carbon markets drive substantial climate action and economic growth.

Notably, EKI Energy has also praised the Indian government’s proactive measures to combat climate change. In June 2022, it enacted the Energy Conservation (Amendment) Act, empowering regulators to develop policies for a national emission trading system. In 2023, India launched the Carbon Credit Trading Scheme (CCTS), covering compliance and voluntary sectors. It included the offset market, allowing non-obligated entities to participate and create new opportunities for decarbonization projects. While the specifics for Voluntary Carbon Market (VCM) credits are still being defined, India’s progress is commendable.

FURTHER READING: Shell & EKI Energy to Invest $1.6 Billion in Carbon Credits • Carbon Credits

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