The UAE Carbon Alliance has committed to acquiring $450 million worth of African carbon credits by 2030, aiming to bridge the gap between the abundant supply of high-integrity African carbon credits and the robust demand in the Middle East.
Sheikha Shamma bint Sultan, the President and CEO of the UAE Independent Climate Change Accelerators (UICCA), signed a non-binding letter of intent with the Africa Carbon Markets Initiative’s Advance Market Signal, as disclosed by the climate change organization on Monday.
Launched by the UICCA in June, the UAE Carbon Alliance’s primary objective is to facilitate businesses’ transition to a sustainable green economy, aligning with the UAE Net Zero by 2050 Strategic Initiative.
In essence, a carbon market functions as a trading platform for the buying and selling of carbon credits.
Sheikha Shamma remarked, “Our collaboration with the Africa Carbon Markets Initiative opens up access to high-quality carbon credits in Africa for carbon market buyers in the UAE and the broader region… Through this commitment, we aim to stimulate more integrated and efficient carbon market mechanisms between our two regions.”
For more information visit UAE Carbon Alliance
