Microsoft-backed carbon credit company Aspiration to set up in ADGM

Microsoft-backed carbon credit company Aspiration to set up in ADGM

Carbon credit company Aspiration, which counts Microsoft affiliates and Oaktree Capital Management among its backers, will set up new offices in Abu Dhabi Global Market, it was announced today.

The new office for the California-based company was announced at Abu Dhabi Sustainable Finance Forum (ADSFF), with MENA President Vinoda Basnayaka saying the decision was tied to the hosting of the United Nations climate summit COP 28 later this year.

“The types of climate solutions we provide, for enterprises and consumers, are a perfect fit,” Basnayaka said.

Aspiration raised $315 million in December 2021 and has Hollywood star backers including Robert Downey Junior and Leonardo DiCaprio.

Basnayaka told the conference that as a former lawyer, he would like to see the implementation of regulation when it comes to sustainability and tackling climate change.

“International law generally, and a lot of the regulatory framework around sustainability, has no authority, other than a diplomatic black eye,” he said.

Regulatory frameworks to ensure sustainability need to be built, and be built with implementation, he said.

Start from scratch

The conference also heard from Wa’el Almazeedi, CEO of hydrogen accelerator Avance Labs, who said a new structure of project financing is needed to tackle climate change, upending old systems and getting rid of