Carbon market platform Cloverly has formed a potentially transformative partnership at COP29 for unlocking access to projects in the Middle East, North Africa, Afghanistan, and Pakistan (the MENAP region), Forbes has reported.
Tawazun, a voluntary carbon marketplace by Ahya, has teamed up with Cloverly, a US-based digital carbon market infrastructure provider, to bridge MENAP carbon credit sellers with international buyers, promoting sustainability and economic growth.
“Our focus has always been on accessibility and sustainability,” Salaal Hasan, CEO of Ahya, was quoted as saying by Forbes.
Hasan believes that private-sector leadership is crucial, stating that sustainability is not just about compliance, but about innovation and growth.
Cloverly’s inventory management technology, combined with Ahya’s regional expertise, creates a seamless platform for enterprises to engage in meaningful climate action.
With 48 verified voluntary carbon projects in the region, Tawazun already hosts 12, adding to its global inventory of 150+ projects, including groundbreaking efforts like Pakistan’s Delta Blue Carbon project and SABIC’s carbon capture initiative in Saudi Arabia.
Relevant: Oka To Partner With Cloverly On Insured Carbon Credits
Unlike traditional models charging hefty registration fees, Tawazun eliminates upfront costs, operating instead on a success-based transaction fee.
This inclusive approach levels the playing field, enabling smaller developers to access global markets.
High-quality projects like mangrove restoration in the United Arab Emirates (UAE) and biochar initiatives in Pakistan can now reach international buyers without financial strain.
Tawazun emphasizes rigorous standards by aligning with global carbon registries like Gold Standard and Verra, ensuring credibility and transparency.
Its platform, AhyaOS, integrates with 10 global databases to assist developers in meeting measurement, reporting, and verification (MRV) standards.
The MENAP region’s carbon markets, while nascent, are advancing through efforts like Saudi Arabia’s Riyadh Voluntary Carbon Market and policy frameworks in Egypt and Pakistan, Forbes said.
Read more: Saudi Arabia Launches Carbon Credit Exchange To Drive Decarbonization And Economic Diversification
