Jump to content

Advanced Global Trading

Add links
From Wikipedia, the free encyclopedia

Advanced Global Trading
Company typeAlternative Investments
IndustryEmissions
Founded2009 – ceased trading 4 July 2013
HeadquartersDubai,
Dubai
,
United Arab Emirates
Area served
GCC, Europe, Africa, and North America
Key people
Charles Stephenson (Director, Head Office)[1][2]
ProductsVER, CSR, OTC, SCCC
Number of employees
100 (2013)
Website[1]

Advanced Global Trading or AGT was an emissions trading and environmental consultancy firm headquartered in Dubai, United Arab Emirates[3] and with offices in Bahrain, Doha, Zurich and Johannesburg. AGT deals in sourcing and trading of Verified Carbon Standard approved emissions trading permits (ETP), and specialised in buying and selling of emissions trading certificates and permits in the over-the-counter markets.

History

[edit]

AGT Advanced Global Trading was set up by a group of investors and angel investors in 2009 with headquarters in the Dubai United Arab Emirates; Dubai was chosen for its commercial significance within the MENA region. AGT trades within the UAE and Gulf Cooperation Council regions. It later expanded into consultancy.

In August 2011 the company established a partnership with Equinox Designs to offset the environmental waste created by the exhibition industry. AMEinfo.com estimated the total offset to be over 200,000 tonnes a year[4] in the UAE alone. Lotus F1 also signed Advanced Global Trading as an official partner to reduce their environmental impact.[5] The partnership is represented by the AGT brand, which appears on the Lotus F1 car driven by Kimi Räikkönen and Romain Grosjean.[6]

In December 2012, the company signed an agreement with the cleaning specialist Grako in Dubai, to become the country's first carbon neutral company [7]

AGT’s growth faltered in 2013. Online records at the Dubai Department of Economic Development show that the firm’s carbon-trading licence expired in early June 2013, after which at least five investors filed complaints alleging that they could not liquidate their holdings.[8] Trading activities ceased soon afterwards and the licence was not renewed.[9]

Corporate social responsibility

[edit]

AGT initiated a campaign to embed CO2 CSR strategies into the corporate governance frameworks in the Middle East.[10] A partnership program advises corporations to negate environmental damage and to set up a self-regulating mechanism to ensure active compliance.

in June 2011, AGT assisted Omar Samra, the first Egyptian to climb Mount Everest make his expeditions carbon neutral.[11]

In 2011, the company advised Equinox Design's Exhibit Green division to offset environmental waste and reduce their carbon footprint.[4][12]

Same year, the company helped the Swiss Le Mans race to become carbon neutral by retiring ETPs.[13]

Advanced Global Trading assisted Abu Dhabi Desert Challenge to offset any environmental damage from the March 2012 event. The agreement was between (ATCUAE) Automobile & Touring Club and AGT and was the first of its kind in GCC.[14]

Advanced Global Trading in May 2012 announced its official partnership with Lotus F1 to assist the team's reduction of CO2 emissions as it targets CO2 neutrality in 2012.[15] The company assisted Lotus F1 with carbon neutrality for another year in 2013 [16]

Criticism

[edit]

Specialist commentators frequently questioned AGT’s pricing and resale claims. In May 2013 The National highlighted cases in which investors had been unable for months to off-load credits purchased at up to US$15 each—more than triple prevailing wholesale values—prompting warnings that the voluntary market was “illiquid, volatile and poorly understood”.[17] A follow-up investigation in June 2013 reported that AGT’s trading licence had lapsed and that consumer complaints were under examination by Dubai’s Department of Economic Development.[18]

Awards and recognition

[edit]

AGT was nominated for "Best Sustainable Investment" award at the 2011 International Green Awards.[19]

References

[edit]
  1. ^ "Charles Stephenson" Advance Global Trading. Retrieved January 17, 2012
  2. ^ "Alice Haine."Money & Me: Business is no place to test friendship". The National. September 24, 2011. Retrieved January 17, 2012
  3. ^ Basit, Abdul. "Green trading arrives in the Middle East". Khaleej Times. Retrieved 23 April 2023.
  4. ^ a b El Ajou, Nadeen. "Equinox Design partners with Advanced Global Trading to offset the environmental waste created by the exhibition industry". AMEinfo.com. Archived from the original on 28 June 2012. Retrieved 18 August 2011.
  5. ^ "Lotus F1 Team targets carbon neutrality."
  6. ^ "Lotus F1 Team | AGT Official team partner". Lotus F1 Team. Archived from the original on 1 June 2013.
  7. ^ "Advanced Global Trading signs agreement with Grako" Advanced Global Trading signs agreement with Grako. Retrieved December 5, 2012
  8. ^ Nereim, Vivian (28 June 2013). "Carbon credit buyers file formal complaints against UAE firm". The National. Retrieved 21 July 2025.
  9. ^ Nereim, Vivian (28 June 2013). "Carbon credit buyers file formal complaints against UAE firm". The National. Retrieved 22 July 2025.
  10. ^ "Corporate Social Responsibility" Advance Global Trading. Retrieved January 17, 2012
  11. ^ "Egypt's Hottest Mountain Climber Goes Carbon-Neutral". Retrieved 7 February 2012.
  12. ^ Jeremy King. "Equinox Design partners with Advanced Global Trading to create Exhibit Green". EventsMagazine.co.uk. August 25, 2011. Retrieved January 16, 2012
  13. ^ "Hope Racing submits Le Mans 24 Hours race data to UAE-based brokerage to become the World's first Co2-Neutral Race". Zawya. 16 June 2011.
  14. ^ "2012 Abu Dhabi Desert Challenge Goes green". Abu Dhabi Desert Challenge. Abu Dhabi Desert Challenge. Archived from the original on 31 March 2012. Retrieved 24 March 2012.
  15. ^ "UAE headquartered brokerage helps Lotus F1 Team target carbon neutrality". MenaFN. Archived from the original on 3 March 2016. Retrieved 22 May 2013.
  16. ^ "AGT – Alternative investment brokerage working with F1 team to retain carbon neutrality in 2013". www.sustainablebusiness.com. Retrieved 29 May 2013.
  17. ^ Nereim, Vivian (31 May 2013). "UAE investors of carbon credits struggle to find buyers". The National. Retrieved 22 July 2025.
  18. ^ Nereim, Vivian (28 June 2013). "Carbon credit buyers file formal complaints against UAE firm". The National. Retrieved 22 July 2025.
  19. ^ "International Green Award Shortlist 2011 Archived 2013-05-22 at the Wayback Machine." Green Awards. Retrieved January 17, 2012
Retrieved from "https://en.wikipedia.org/w/index.php?title=Advanced_Global_Trading&oldid=1302006362"