A new alliance formed by several UAE companies was formed with the aim of creating and developing a carbon market in the Emirates.
Called the UAE Carbon Alliance, the new coalition was launched by the UAE Independent Climate Change Accelerators (UICCA) and will aid the transition of companies to more sustainable practices to help the country reach net zero emissions by mid-century.
The launch of a carbon market where individuals and companies can purchase carbon markets to offset their CO2 emissions is what is considered to be one of the key drivers of climate change mitigation.
The newly formed UAE Carbon Alliance consists of companies from different industries, all of which understand the role carbon credits will play on the road to net-zero.
In addition to the UICCA, other founding members of the alliance include Mubadala Investment Company, First Abu Dhabi Bank, Abu Dhabi National Energy Company, ACX and Masdar.
But the UAE Carbon Alliance intends to do much more than simply establish a carbon market.
Namely, its efforts will be directed towards creating cooperation in the national decarbonization strategy, developing frameworks and standards for carbon financing, raising awareness of carbon markets and deepening education on the subject, as well as supporting businesses and organizations on their emissions reduction projects.
“Carbon reduction is both fundamental and non-negotiable for the health of our planet,” said Sheikha Shamma bint Sultan, president and chief executive of UICCA and Chairman of the UAE Carbon Alliance.
Sheikha Shamma also mentioned that it is ‘imperative’ that both public and private sectors actively participate in taking steps to reduce greenhouse gas emissions.
“Productive partnerships like the UAE Carbon Alliance will help the world find practical solutions on the path to decarbonisation, by funding the actual physical carbon abatement efforts and making them financially, environmentally, and socially viable,” he added.