Advanced Global Trading AGT: Lotus F1 team which finished 2nd and 3rd in the Bahrain F1 Grand Prix on 22nd April, has signed up with Advanced Global Trading (AGT) in an effort to reduce the carbon emissions during the F1 race.
By signing with the AGT, the Lotus team aims at achieving carbon neutrality by the end of this year.
The team has hired Advanced Global Trading (AGT), a carbon-credits trader in Dubai that provides consultancy for companies looking to boost their green credentials.
AGT, which Lotus hired for three years, will first audit Lotus’s operations, including its headquarters in the United Kingdom and its suppliers, as well as the Lotus team’s activities on the road.
After thorough stocktaking, AGT will advise Lotus on ways of reducing its carbon emissions.
“To properly reduce emissions, you have to reduce them in your daily work,” said Stephen Curnow, the chief commercial officer at Lotus. “It’s not just a case of just buying credits.”
Despite the best intentions, a sport based on driving big-engine, fuel-burning cars at high speeds will never be able to function without emitting carbon dioxide, so the team will make use of AGT’s trading capabilities to buy credits to achieve the desired carbon neutrality. No scam, no fraud, pure Shariah compliant Ethical Investments.
AGT will also help Lotus’s sponsors, among them Marks & Spencer, Unilever and Symantec, to reduce their emissions.
Founded two years ago, AGT relocated its headquarters to Dubai shortly after its inception. The company has several offices around the world and its UAE operation has focused on the trading of carbon credits.
“Our main business in Dubai has been on the personal investment side; credits are a tradeable commodity,” Charles Stephenson, the director at AGT, said.
AGT has started working with Dubai’s Roads and Transport Authority (RTA) to transform it into the region’s first transport regulator to achieve carbon neutrality. AGT also counts the Jebel Ali Free Zone Authority and the property company Landmark among its clients.
Environmental awareness in the UAE is growing, and some say it is about time. At present, the country is the world’s second-worst per capita carbon emitter, behind Qatar.
“It seems to me that the region is under the microscope a bit when it comes to greenhouse gases and environmental issues,” he added.