EKI Energy Services and FARI Solutions Forge Partnership for Carbon Credit Initiatives

On May 27, 2024, EKI Energy Services Ltd informed in an exchange filing that the company has partnered with a leading blockchain firm, FARI Solutions, to advance carbon credit initiatives in Azerbaijan, bolstering its position in the region.

The company stated that this Memorandum of Understanding (MoU) marks a noteworthy milestone in its commitment to spearheading carbon credit initiatives and strengthening sustainable development efforts in the region.

As per the agreement, EKI Energy Services will serve as FARI Solutions’ strategic associate, taking responsibility for supervising the entire spectrum of processes related to conceptualising, documenting, verifying, issuing, and trading carbon credits. This strategic partnership strives to promote both parties’ competitiveness while promoting the development and expansion of business relationships in Azerbaijan.

The memorandum outlines the scope, institutional setup, and overall terms guiding the collaboration between EKI Energy Services Ltd and FARI Solutions. It represents a holistic framework reflecting their mutual dedication to sustainable energy and environmental conservation goals.

The MoU highlights the exclusivity granted to FARI Solutions for activities covered within the region of Azerbaijan, solidifying EKI’s commitment to facilitating strategic collaborations that yield tangible results.

This significant MoU between EKI Energy Services and FARI Solutions arrives at a pivotal moment, coinciding with the forthcoming COP29 climate summit in Baku, Azerbaijan, later this year. This strategic alliance positions both firms to lead in demonstrating innovative solutions for carbon credit management and sustainable development endeavours.

As Azerbaijan hosts global climate talks, EKI and FARI’s collaboration can set a compelling precedent for nations aiming to transition to a greener future. By spearheading carbon credit initiatives and promoting sustainable practices within Azerbaijan, this partnership holds the potential to drive tangible progress on a global scale, aligning closely with COP29 objectives.

Speaking of this partnership, the Chairman and Managing Director of EKI Energy Services Ltd, Manish Dabkara, said, “We are excitedly looking forward to this journey with FARI Solutions, leveraging our collective expertise to advance sustainable energy initiatives in Azerbaijan. This partnership underscores our dedication to driving meaningful change and underscores our commitment to delivering innovative solutions that positively impact our environment globally.”

The Chief Operating Officer of FARI Solutions, Shafiq Amiri, said, “Our innovative approach with blockchain technology and digital assets, and our partnership with EKI’s renowned expertise in energy solutions promises groundbreaking advancements in the tokenisation of the carbon credit landscape. Together, we’re poised to lead the charge in shaping a greener, more prosperous future for Azerbaijan and carbon markets, leveraging our collective strengths to drive lasting environmental impact.”

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.