UAE launches alliance to develop, promote carbon market ecosystem

UAE launches alliance to develop, promote carbon market ecosystem

Abu Dhabi: The UAE Carbon Alliance, a new coalition of partners dedicated to advance the development of a carbon market ecosystem, was launched on Wednesday by the UAE Independent Climate Change Accelerators (UICCA). The UICCA, an Abu Dhabi Global Market (ADGM) registered non-governmental organisation, is a think tank and accelerator supporting the nation’s transition to a green economy. Chaired by Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, the UAE Carbon Alliance comprises leading organisations recognising the importance of carbon credits to achieve net zero goals. The alliance’s founding members include AirCarbon Exchange (ACX), First Abu Dhabi Bank (FAB), Mubadala Investment Company (Mubadala), Abu Dhabi National Energy Company (TAQA) and Abu Dhabi Future Energy Company (Masdar), in addition to UICCA. The Carbon Alliance looks to establish national cooperation in decarbonisation efforts, develop innovative standards and frameworks for constructive carbon financing, increase education and knowledge of carbon markets, and support organisations on greenhouse gas emission reduction projects. The establishment of a resilient, transparent, and high-quality carbon market will direct investment and capital towards projects that support decarbonisation, while providing corporations with a market-based mechanism to accelerate their transition journey and achieve reduction targets. Sheikha Shamma bint Sultan bin Khalifa Al Nahyan,