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Mubadala said it has entered into an agreement with AirCarbon Exchange, a global exchange revolutionizing Hub71’s voluntary carbon market in Abu Dhabi’s global tech ecosystem, to acquire a strategic stake in the exchange, thereby supporting ACX in building the first fully regulated carbon Trading exchange and carbon clearing house in Abu Dhabi.
ACX is a global environmental commodity exchange using distributed ledger technology. Create securitized carbon credits using blockchain architecture.
The framework allows companies to trade and finance carbon credits like traditional financial assets, increasing participation in and investment in global carbon reduction and offsetting schemes.
Mubadala said that as part of its mission of responsible investment and economic diversification, it is investing in commercially attractive solutions to the world’s greatest challenges and deploying capital purposefully in areas that drive major change. high growth areas.
The announcement was made during the inaugural Abu Dhabi Financial Week (ADFW) in the UAE capital, which ends tomorrow (November 18) with key economic drivers of the Abu Dhabi economy and a group of global and cooperation with regional financial institutions.
The week-long event is a platform for in-depth dialogue around the MENA region’s burgeoning financial sector, industry trends, developments and innovations involving financial markets and the global banking industry.
The signing was witnessed by Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Global Markets, and Mubabbeh Al Kaabi, CEO of Mubadala Emirates Investment Company, and was joined by Dhaher Bin Dhaher, Registered Chief Executive Officer, Badr Al Olama, Mubadala UAE Cluster. Signing Authority of Abu Dhabi Global Markets, William Pazos Managing Director and CO – Founder of AirCarbon Exchange.
Regarding the deal, Al Zaabi said: “The UAE continues to lead the way in harnessing a low-carbon economy to protect the environment, reduce emissions and create lasting economic opportunity. Mubadala’s investment in ACX is a good example of Commitment to climate action, which will enable investors and businesses to voluntarily purchase verified emission reductions in the form of carbon credits within ADGM’s progressive ecosystem.”
“As one of the world’s first fully regulated jurisdictions to regulate carbon credits and offsets as environmental instruments in a voluntary market, ADGM is committed to contributing to the transition to a low-carbon economy by stimulating sustainable financial flows. play a leading role in investment,” he pointed out.
Thomas McMahon, ACX’s CEO and Co-Founder, said the transaction represents Mubadala’s confidence in ACX’s growth potential and confirms the team’s hard work in developing ACX and their shared commitment to expanding the voluntary carbon market in the future regional and global.
Al Olama said that the UAE is leading the transformation of the financial ecosystem and this investment is a testament to Mubadala’s contribution in it.
“By investing in the Air Carbon Exchange and pioneering the future of environmental commodities, we are demonstrating our ability to combine impact with investments that support the decarbonization and diversification of the UAE’s economy,” he added.-TradeArabia News Service
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