At AMEA Power, a Dubai-based leading developer, owner and operator of renewable generation assets & power plants with a primary focus on the Middle East, Africa & Emerging Asia, we endeavour to do business sustainably with a positive social impact on the local communities. Starting in early 2021, as global trends began to pick up in the carbon credits space, AMEA Power created a devoted team of key renewable energy professionals to understand better and analyze the market. With projects in multiple geographies around developing countries, it is important for AMEA Power, with 2GW of pipeline and 1GW of projects at advanced stages of development, to understand the impact the offset of carbon footprint our projects have in each of these countries.
In addition to our primary business of bilaterally negotiated government renewable generation power projects, AMEA Power Carbon Credit Trading Team and AMEA Power's Commercial & Industrial division play a key role in taking our insight, exposure, and understanding, to educate high-level country officials, ministers and presidents; key business leaders and the general public. As well movement in carbon pricing comes as banks and other financial institutions take a firm stance on Environmental, Social and Governance (ESG) and raise the bar for corporates to qualify for specific financial products, in turn obliging private and public companies to look at improving their impact on the environment. One way is to offset their "brown" electricity consumption or carbon emissions by purchasing voluntary carbon credits. This is an asset/instrument that AMEA Power produces from all of its renewable generation power plants.
Understanding the policies in the respective geographies and relevant levers that impact the pricing of carbon credits is imperative for AMEA Power in order to maintain a fair, compliant and ethically sound market for a sustainable future. As the market is forecasted to increase almost tenfold in the years to come, the importance of carbon pricing grows. Moreover, it is essential to understand that the price varies from country to country, based on the country's respective carbon emission factor and economic development.
We at AMEA Power, believe our strategic foothold across several geographies in Africa, the Middle East, and Asia will be a strong and positive contribution to the Carbon Pricing Leadership Coalition's future goals. Furthermore, we firmly believe that pricing carbon can be a complementary tool to support the development of the local communities by empowering them at different levels of the value chain of the renewable energy projects and stimulating the economic growth of the hosting geographies. This is a crucial objective of AMEA Power, so we are pleased to join the CPLC to offer our industry expertise to solve and overcome the rising challenges of carbon pricing.
