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mubadala investment co., a United Arab Emirates wealth fund with $284 billion in assets under management, announced a deal with the AirCarbon Exchange.Abu Dhabi fund to acquire 20% stake (according to Report via Bloomberg) at Carbon Exchange.
Singapore-based AirCarbon Exchange (ACX) has established an office in the UAE and is launching the first regulated carbon market trading and clearing house in the Abu Dhabi Global Market (ADGM).
https://www.youtube.com/watch?v=BPC-47hb6HU&ab_channel=AirCarbonExchange
The two companies issued a joint statement at ADGM’s inaugural Abu Dhabi Finance Week on 16 November. Commenting on the deal, ACX Managing Director and Co-Founder William Pazos said: “The carbon market is growing at a breakneck pace, making innovation key to staying relevant. Mubadala and wider Abu Dhabi The government has an incentive to take a leading role in expanding the carbon market.”
His Excellency Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Global Market (ADGM), said: “As one of the first jurisdictions in the world to regulate carbon credits and offsets as voluntary market environmental investment flows and play a leading role in facilitating the transition to a low-carbon economy.”
according to McKinsey, the voluntary market for trading carbon credits could reach more than $50 billion by 2030. With a well-functioning voluntary market, companies around the world will be able to buy credits on exchanges that offer them and compensate them for the emissions generated by their activities.
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