Global digital exchange ACX has signed a Memorandum of Understanding with Blue Carbon, the Dubai-based project developer, to develop carbon markets in the Middle East and North Africa region.
The collaboration will see Blue Carbon using ACX as its preferred platform to sell its carbon credits and settle transactions. The two companies will also seek to host auctions to sell Blue Carbon’s credits in the run up to the COP28 climate conference in Dubai.
William Pazos, Co-CEO and Co-Founder of ACX, said, “We are delighted to partner with Blue Carbon as their preferred platform for selling carbon credits and facilitating seamless transactions. Cooperation is central to our fight against climate change. Our agreement today is a great example of how companies can join forces to leverage each other’s strengths to create opportunities and results.”
In addition, they will assist one another in developing suitable market infrastructure to enable the UAE and partner countries to implement Article 6.2 transactions under the United Nations’ Paris Agreement.
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This MOU is another step in ACX’s journey to become the leading global carbon exchange. With the successful establishment of the world’s first regulated carbon exchange in Abu Dhabi, ACX is making significant strides in positioning itself as a major player in the carbon trading landscape, in the MENA region and on a global scale.
Josiane Sadaka, CEO of Blue Carbon commented on the crucial use of ITMOs in combatting climate change, said, “ITMOs are a powerful tool for global cooperation. They address the urgent need for collective action towards a sustainable and resilient future. By embracing this collaborative approach, we forge a path towards a low-carbon future that benefits both humanity and the environment.”
Blue Carbon is developing projects that will be eligible for carbon credits or Internationally Transferred Mitigation Outcomes (ITMO), which count towards a country’s Nationally Determined Contributions (NDCs). This sector is likely to grow in popularity as countries rich in carbon resources seek to sell their credits to heavy emitting countries.
Read more: New UAE Carbon Alliance To Establish Carbon Market In The Emirates
