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The UAE Carbon Alliance – a new coalition of partners working to drive the development of the carbon market ecosystem – has been launched by the UAE Independent Climate Change Accelerator (UICCA).
The Carbon Alliance brings together key market players from across the UAE to build national collaboration in decarbonization efforts, develop innovative standards and frameworks for constructive carbon financing, increase education and knowledge in the carbon market, and support organizations to undertake greenhouse gas reduction projects .
Building a resilient, transparent and high-quality carbon market will direct investment and capital to projects that support decarbonization, while providing a market-based mechanism for companies to accelerate their transformation journey and meet their emissions reduction targets.
green economy
UICCA is a registered NGO with Abu Dhabi Global Market (ADGM), a think tank and accelerator supporting the country’s transition to a green economy.
Chaired by Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, the UAE Carbon Alliance is made up of leading organizations that recognize the importance of carbon credits to achieve net zero goals. Founding members of the alliance include AirCarbon Exchange (ACX), First Abu Dhabi Bank (FAB), Mubadala Investment Company (Mubadala), Abu Dhabi National Energy Company (TAQA) and Abu Dhabi Future Energy Company (Masdar ), in addition to UICCA.
Sheikha Shamma commented: “For the health of our planet, reducing carbon emissions is both fundamental and non-negotiable. To achieve net zero emissions, we must aggressively reduce emissions across all sectors, and both the public and private sectors must take aggressive steps to reduce emissions. Productive partnerships such as the UAE Carbon Alliance will help the world find practical solutions on the path to decarbonization by funding real physical carbon reduction efforts and making them financially, environmentally and socially viable. To be the leading hub for a high-integrity, high-quality carbon market to help fund much-needed action to limit global warming to 1.5 degrees.”
inclusive dialogue
The UAE Carbon Coalition will facilitate inclusive dialogue among all stakeholder groups to promote a robust framework in line with the terms set out in the UAE 2050 Net Zero Emissions Strategy Initiative, the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement and an action plan to implement a carbon market in the UAE.
The UAE Carbon Alliance will hold its first executive committee meeting this week with all its founding members. UICCA will play an important role in guiding the deployment of carbon credit solutions in the region by facilitating public and private sector stakeholder collaboration and acting as the coalition’s secretariat.
The outcomes of the UAE Carbon Alliance will inform and drive government strategy while enabling greater alignment between the private and public sectors. The coalition will represent buyers and sellers of carbon credits, traders, climate project developers, financial institutions, companies, exchanges and brokers from the UAE and beyond.
To facilitate industry-wide dialogue across all sectors and build a strong carbon market framework, organizations committed to advancing the country’s decarbonization agenda are welcome to join and collaborate with the UAE Carbon Alliance. — trade arab news agency
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