Dubai-based Hilshaw Group has been appointed by St. Petersburg-based Investment Group, Selleh, to design, plan and develop a network of smart green cities to mitigate the effects of climate change and curb the region's carbon footprint.
The smart city network planned for Belarus, Kyrgyzstan, Georgia, Kazakhstan, Albania, and Montenegro will integrate with the formation of 'The Pan European Green Bank.' The bank will function as a funding resource for smart green projects globally through the trading of carbon credits.
Carbon credits are a concept of any tradable certificate that gives the bearer the right to emit one ton of carbon dioxide or equivalent greenhouse gas. Carbon credits and carbon markets are a part of national and international attempts to mitigate the growth in concentrations of greenhouse gases. One carbon credit is generally equal to one ton of carbon dioxide.
Carbon trading is a process of emissions trading with the goal is to encourage low emissions or less carbon-intensive approaches than those used when there is no cost to emitting carbon dioxide. The sales of these carbon credits to commercial entities willing to lower their carbon footprint will be used to fund and develop the projects further and introduce more such projects globally by the formed 'The Pan European Green Bank.'
Hilshaw Group is a Multi-Family Office & Change Management Investment Advisory. The Company primarily invests in low supply and finite assets and opportunities. The Company has allocated USD 175 Million towards UAE Real Estate, specifically towards the facilitation of the Remote Work Visa program to help mitigate the global post-pandemic work culture. The Group has also been appointed as the Exclusive Advisor and Financial Consultant for the USD 7 bn' Athi River Green Smart City' in Nairobi, Kenya. The Project was recently marked as 'An Initiative of National Importance' by the Country's Ministry of Lands & Physical Planning.
The carbon dioxide emission stats of the CIS states dropped marginally from 2,110 million metric tonnes to 1,981 million metric tonnes between 2019 and 2020, a factor that is loosely attributed to low overall activity during the Covid-19 pandemic. However, the numbers have been double compared to the Central and South American region and Africa respectively and on par with the Middle East since 2010.
"The project has been a part of the group's roadmap since 2010 and was due for launch in 2019. The change in the global scenario may have delayed the launch but instead allowed us to plan more comprehensively and identify a capable partner like Hilshaw Group who have the knowledge and capability to execute our vision and help design a better future for the planet as a whole," said Artem Rogalev, executive director, Selleh.
"The pandemic changed the way we do things in more ways than we have realised so far. Our post-pandemic strategy has revolved around projects and strategies that will help people navigate through said change and eventually to normalcy. From investing in the 'Work from Dubai' initiative, the development and fundraising for the Smart Green City in Nairobi, to the Climate Change Impact Study in Ukraine, we are conscientiously choosing projects that are as responsible towards the people as they are good for business. It is an honor to be appointed for the development of this series of mega projects," said Lal Bhatia, chairman, Hilshaw Group.