JEDDAH, 26 February 2007 — Xenel, one of the Diamond Sponsors of the 8th Jeddah Economic Forum, known as the “The Think Tank of the Middle East” will be highlighting the global warming issue during the session entitled “Changing the Energy Paradigm Section.”
With growing concern about the negative effects of global warming trends on humanity’s economic and physical well-being, Xenel Industries Ltd. has done what it is famed for: taking a leadership role among Saudi companies in establishing a joint venture company with a Canadian company that offers technological and financial expertise based on the mechanisms of the Kyoto Protocol.
The company, Xenel-Balderrie specializes in the technological, public, corporate and financial aspects, implications and formulation of global greenhouse gas reduction policies. It helps policy makers and project owners generate virtually free quasi-equity to defray a significant part of the investment necessary to achieve reductions in greenhouse gas emissions.
Global warming is a growing worldwide concern. Its negative effects have already begun to be felt in many parts of the world. Governments, corporations and individuals are collaborating to put in place mitigating solutions.
Global warming and climate change refer to an increase in average global temperatures. While natural events also contribute to global warming, human activity is believed to be contributing to a dangerous increase in average global temperatures.
Meanwhile, we know where most heat-trapping gases come from: power plants, industrial factories, land, sea and air transport, wasteful energy utilization in homes and at the municipal level, and agricultural activity. A true challenge for a country is to enact the right comprehensive plan for mitigating the greenhouse effect. Such a plan, however would not work without the contribution and co-option of both corporations and individuals, to combat the dangerous effects of global warming,” said Rachad Itani, executive partner of Xenel Balderrie. “Paradoxically, global warming is an issue that requires a local response.”
Xenel-Balderrie helps project owners adopt technologies, policies and industrial processes that help generate significant reductions in greenhouse gas (GHG) emissions for their industrial, municipal and other energy-utilizing projects.
“While mitigation policies may require capital expenditure on process or a switch to a cleaner fuel, luckily, financial mechanisms of the Kyoto protocol enable us to generate a significant part of the equity required,” Itani said.
As another example of corporate leadership, Khalid Zagzoug, the president of Safra Company Ltd., a petrochemical company member of the Xenel group, has been the first Saudi CEO to sign a contract to decrease his company’s emissions of greenhouse gases.
