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New alliance formed to promote carbon market in the UAE

The Carbon Alliance will foster national cooperation and promote decarbonization efforts 

New alliance formed to promote carbon market in the UAE
[Source photo: Anvita Gupta/Fast Company Middle East]

As talks of sustainability take center stage, means to allow companies to compensate for their greenhouse gas emissions becomes critical. To promote the importance of carbon credits among organizations to achieve net zero, the UAE Independent Climate Change Accelerators (UICCA) launched a new coalition — Carbon Alliance.

The new alliance will be chaired by Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President & CEO of UICCA. It has been formed by AirCarbon Exchange, First Abu Dhabi Bank, Mubadala Investment Company, Abu Dhabi National Energy Company, and Abu Dhabi Future Energy Company (Masdar). 

The goal of the alliance is to build national cooperation in efforts to reduce carbon, develop frameworks and standards for carbon financing and educate industry leaders about the vitality of carbon markets. It will also support companies and organizations on decarbonization projects, help reduce their GHG emissions and build a framework to promote carbon markets in the UAE. 

Sheikha Shamma said, “Carbon reduction is fundamental and non-negotiable for the health of our planet. To reach net zero, we must actively reduce our emissions across all sectors, and it is imperative that public and private sectors take active steps to reduce emissions.“

She emphasized the importance of productive partnerships as they help the world find practical solutions with physical carbon reduction efforts to make them financially, environmentally, and socially viable. 

“The UAE Carbon Alliance will establish the UAE as a leading hub for high integrity, high-quality carbon markets to help fund the much-needed action to limit global warming to 1.5 degrees,” she added. 

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