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A new consortium of several Emirati companies has been formed with the aim of creating and developing a carbon market in the UAE.
The new coalition, called the UAE Carbon Alliance, was launched by the UAE Independent Climate Change Accelerator (UICCA) and will help companies transition to more sustainable practices to help the country achieve net-zero emissions by mid-century.
The launch of carbon markets, where individuals and companies can buy carbon to offset their carbon dioxide emissions, is considered one of the key drivers of climate change mitigation.
The newly formed UAE Carbon Alliance is made up of companies from different industries who understand the role carbon credits can play on the path to net zero emissions.
In addition to UICCA, other founding members of the alliance include Mubadala Investment Company, First Abu Dhabi Bank, ADNEC, ACX and masdar.
But the UAE Carbon Alliance intends to do more than create a carbon market.
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Namely, its efforts will focus on building collaborations in national decarbonization strategies, developing carbon financing frameworks and standards, raising carbon market awareness and deepening education on related topics, and supporting companies and organizations in their emissions reduction projects.
“Reducing carbon emissions is both fundamental and non-negotiable for the health of our planet,” said Sheikha Shamma bint Sultan, President and CEO. UICCA and Chairman of the UAE Carbon Alliance.
Sheikha Shamma also mentioned that the active participation of the public and private sectors in taking measures to reduce greenhouse gas emissions is “a top priority”.
He added: “Fruitful 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.”
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