Leading Maldives-based hotel group AtmosphereCore has signed a Memorandum of Understanding (MoU) with Lootah Biofuels to produce and supply biodiesel in the Maldives. The agreement was signed at The Deals Hub, a Dubai business forum held in Madinat Jumeirah in Dubai from November 1-2. The agreement was signed by Chief Executive Officer (CEO) of Lootah Biofuels Yousuf bin Saeed Lootah and Chairman of AtmosphereCore Ismail Hilmy.
The primary goal of the agreement is to mitigate carbon dioxide emissions by substituting traditional diesel with biodiesel. The collaboration aims to collect and recycle used cooking oil from upscale resorts, hotels, restaurants, and households to manufacture biodiesel within the Maldives. The initiative also aligns with the commitment of the Maldives to achieving net-zero emissions by 2030. Notably, it marks the first instance of a resort company in the Maldives undertaking biodiesel production.
Lootah Biofuels was established in 2010 and focuses on generating environmentally friendly and sustainable energy. Its initiatives include the synthesis of green biofuel or biodiesel by using collected cooking oil from various sources.