EKI Energy Services Ltd., a pioneer in renewable energy and carbon credits, has announced a groundbreaking partnership with FARI Solutions, a leader in blockchain R&D operating in North America, Europe and Eurasia, including Azerbaijan. This Memorandum of Understanding (MoU) marks an important milestone in the future EKIs mission to lead carbon credit initiatives and drive sustainable development in the region.
EKI takes charge of the Carbon Credit Lifecycle
Under this agreement, EKI will act as FARI Solutions’ strategic partner and manage all aspects of carbon credit processes. It involves conceptualizing, documenting, verifying, issuing, and trading. This strategic alliance aims to increase the competitiveness of both companies while promoting business growth in Azerbaijan.
The press release states that,
“The MoU demarcates the areas, institutional arrangements and terms and conditions governing the cooperation between EKI Energy Services Ltd. and arrange FARI Solutions. It serves as a comprehensive framework that embodies mutual commitment to achieving shared goals in sustainable energy and environmental management.”
Some other key features of this partnership are defined below:
1. Exclusivity and innovation in Azerbaijan
The MoU grants FARI Solutions exclusive rights to activities within Azerbaijan, which strengthens the situation EKIs 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 progress in tokenizing the carbon credit landscape. Together we will lead the way 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, where EKI and FARI Solutions will present innovative solutions for carbon credit management. Now that Azerbaijan is entering the global stage for climate discussions, this cooperation is a fact is a model for other countries transitioning to a greener future.
This partnership can lead to significant progress worldwide by promoting carbon credit initiatives and sustainable practices in Azerbaijan. In this way we contribute to the objectives of COP29.
3. Leadership statements: driving sustainable change
Manish Dabkara, Chairman and Managing Director of EKI Energy Services Ltd., expressed his enthusiasm:
“We are pleased to embark on this journey with FARI Solutions, using our combined expertise to advance sustainable energy initiatives in Azerbaijan. This partnership underlines our commitment to achieving meaningful environmental change worldwide.”
Siddhant Gupta, Vice President of Business Development at EKI Energy Services Ltd., echoed this sentiment:
“Collaborating with FARI Solutions is a strategic step that aligns with our mission to develop sustainable solutions worldwide. Together, we are ready to catalyze transformative change in Azerbaijan’s carbon credit sector and set a new standard for sustainability in the region.”
EKI Energy Global Impact: Pioneering Carbon Offsets and Blockchain Innovations
Founded in 2008, EKI Energy Services Ltd. is a global leader in the development and delivery of carbon credits. As the first company to list a Plastic Project from India together with Verra, EKI aims to achieve net-zero CO2 emissions by 2030.
Listed on the Bombay Stock Exchange (BSE), it offers a range of sustainable solutions for climate change and carbon offsetting, adhering to global standards.
With operations in more than 16 countries and a customer base in more than 40 countries, EKI has delivered more than 200 million offsets.
Some other notable achievements include:
- They successfully launched India’s first Plastic Project at Verra, meeting international standards such as CDM, VCS and Gold Standard.
- The company conducted extensive sustainability audits for more than 3,500 customers and helped companies reduce their environmental footprint.
- It has formed strategic partnerships to advance blockchain-based carbon credit solutions and launched initiatives to achieve this carbon neutrality and climate positivity.
source: EKI
FARI Solutions: leading the way to net-zero emissions
FARI Solutions, a diverse team of professionals from North America, Europe and Asia, specializes in blockchain investments and drives innovation across all sectors. The company aims to:
- Develop and implement innovative technologies for tracking and trading carbon emissions.
- Improve transparency and efficiency in carbon credit markets.
- To take digital transformation initiatives in the finance, supply chain, healthcare and government sectors.
- To create scalable solutions that contribute significantly to global carbon reduction targets.
- Collaborate with industry leaders and participate in cutting-edge research.
Their commitment to net zero targets drives their efforts to lead in environmental stewardship. It sets new standards for digital transformation in the carbon credit sector.
EKI Energy Welcomes US Support for VCMs, Praise Indias Bold actions
According to their latest press release, the company has applauded the Biden-Harris Administration new principles for high integrity voluntary carbon markets. This announcement, supported by a joint policy statement, marks an important step towards credible and ambitious climate action.
The espoused principles emphasize the US from the government commitment to responsible participation in VCMs. These principles provide clear incentives and safeguards to ensure that carbon markets drive substantive climate action and economic growth.
Remarkable, EKI Energy has also praised the Indian from the government proactive measures to combat climate change. In June 2022, the Energy Conservation (Amendment) Act was passed, which gives regulators the authority to develop policy for a national emissions trading system. In 2023, India launched the Carbon Credit Trading Scheme (CCTS), which covers compliance and voluntary sectors. It included the offset market, allowing non-obligated entities to participate and create new opportunities for low-carbon projects. Although the details for Voluntary Carbon Market (VCM) credits are still emerging be defined, Indias progress is commendable.
