Several UAE companies have come together to form a new alliance with the objective of establishing and advancing a carbon market in the Emirates.
Dubbed the UAE Carbon Alliance, this fresh coalition has been launched by the UAE Independent Climate Change Accelerators (UICCA) and aims to assist companies in transitioning to more sustainable practices, thereby aiding the country’s pursuit of achieving net zero emissions by the middle of the century.
The introduction of a carbon market, wherein individuals and businesses can purchase carbon credits to offset their CO2 emissions, is viewed as a crucial driver in mitigating climate change. The UAE Carbon Alliance, comprising companies from diverse industries, recognizes the pivotal role that carbon credits will play in the journey towards achieving net-zero status.
Apart from the UICCA, the alliance’s founding members include prominent entities like Mubadala Investment Company, First Abu Dhabi Bank, Abu Dhabi National Energy Company, ACX, and Masdar.
However, the UAE Carbon Alliance aspires to accomplish much more than merely establishing a carbon market. Its primary focus will be on fostering collaboration in the national decarbonization strategy, establishing frameworks and standards for carbon financing, enhancing awareness about carbon markets, providing comprehensive education on the subject, and supporting businesses and organizations in their emissions reduction endeavors.
“Sheikha Shamma bint Sultan, President and Chief Executive of UICCA and Chairman of the UAE Carbon Alliance, emphasized that carbon reduction is an essential and non-negotiable aspect for the well-being of our planet. She further stated that it is imperative for both the public and private sectors to actively participate in taking measures to reduce greenhouse gas emissions.
Furthermore, she added, “Collaborative partnerships such as the UAE Carbon Alliance will aid the global community in finding practical solutions on the path to decarbonization, by funding tangible efforts to reduce carbon emissions and making them financially, environmentally, and socially viable.”
