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The private office of Sheikh Ahmed Dalmook Al Maktoum has launched Blue Carbon in the UAE to create environmental assets and nature-based solutions and support carbon removal projects worldwide.
Blue Carbon was established against the backdrop of increasing international efforts to combat climate change. It will work to advance and integrate nature-based solutions into climate change mitigation efforts to help countries meet their net-zero emissions commitments under Article 6 of the Paris Agreement by 2050, a statement said.
Sheikh Ahmed, Chairman of Blue Carbon, said: “We are delighted to launch Blue Carbon today. The company is established as the greenhouse gas (GHG) reductions needed to achieve net-zero emissions targets by 2030 can be achieved through nature-based solutions “These solutions can help drive the additional efforts needed to reduce global energy-related carbon emissions to net zero by 2050, giving the world the opportunity to limit global temperature rise to 1.5°C.”
“Net-zero commitments must be backed by immediate steps and credible action by businesses, investors and countries. So central to our work is bilateral agreements with governments and private entities around the world so that together we can drive today’s commitment to green and blue carbon projects to meet the needs of tomorrow,” added Sheikh Ahmed.
Blue Carbon will focus on investing in coastal ecosystems such as mangroves, which store 3 to 5 times the carbon of terrestrial forests. Businesses are increasingly interested in the environmental potential of ecosystems as they work to comply with existing regulations and contribute to protecting the planet.
Josiane Sadaka, CEO of Blue Carbon, added: “By 2050, the world will need an average of $5 trillion per year in climate-related investments to reach net zero. Given the enormous challenges before us, governments have been strengthening their climate action plans, while businesses strengthen their net zero commitments. We at Blue Carbon will advance these initiatives using methods that better anticipate the needs that will emerge as we transition to a decarbonized economy.”
Governments are expected to further discuss their climate strategies and agendas at the UNFCCC 27th and 28th Sessions of the Conference of the Parties (COP) in Egypt later this year and in the UAE in 2023.
“We only have one planet and everyone has a role to play in protecting and protecting it. Investing in impactful and practical sustainability projects now is a choice that can well shape our future,” Sadaka continued.
Blue Carbon will act as an enabler of the operating framework for the blue and green economy, setting the agenda for the implementation of international climate agreements and contributing to the UAE’s strategic plan to achieve net zero emissions by 2050.
With its expertise in the economics of climate change, Blue Carbon aims to be at the forefront of sustainable climate change investing. It prides itself on its initiatives to restore and protect challenging environmental assets and support surrounding communities. It also has extensive experience in compiling global greenhouse gas inventories, MRV, NDC and carbon reduction strategies, the statement said. -TradeArabia News Service
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