The UAE Independent Climate Change Accelerators (UICCA), a non-governmental organization registered with Abu Dhabi Global Market, has launched the UAE Carbon Alliance. The alliance, chaired by H.H. Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, aims to foster the development of a carbon market ecosystem. By doing so, the alliance aims to support the country’s transition to a green economy.
The founding members of the alliance 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), alongside UICCA.
Driving Decarbonization Efforts: The Mission of the UAE Carbon Alliance
These organizations recognize the significance of carbon credits in achieving net zero goals. The UAE Carbon Alliance aims to foster collaboration among major players in the UAE to drive decarbonization efforts.
It seeks to create cooperative frameworks and standards for effective carbon financing, enhance understanding of carbon markets through education and knowledge sharing, and assist organizations in reducing greenhouse gas emissions.
By establishing a resilient and transparent carbon market, the alliance aims to attract investment towards decarbonization projects. To add on, it also provides corporations with a market-based tool to expedite their transition and meet reduction targets.
Building a Resilient Carbon Market: Attracting Investment and Facilitating Transition
Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, president and CEO of UICCA, commented: “Carbon reduction is both fundamental and non-negotiable for the health of our planet. To reach net zero, we must actively reduce our emissions across all sectors, and it is imperative that public and private sectors take active steps to reduce 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.”
“The UAE Carbon Alliance will establish the UAE as a leading hub for high integrity, high quality carbon markets, to help fund the much-needed action to limit global warming to 1.5 degrees.”
The UAE Carbon Alliance aims to foster inclusive dialogue among various stakeholders to establish a strong framework and action plan for implementing a carbon market in the UAE. The alliance’s founding members will soon convene for their first executive committee meeting.
The UICCA will play a crucial role in guiding the deployment of carbon credit solutions in the region, facilitating collaboration among stakeholders in the public and private sectors, and serving as the secretariat of the alliance.
The outcomes of the UAE Carbon Alliance will shape government strategies and promote closer alignment between the private and public sectors. The alliance will represent a wide range of participants. These participants include buyers and sellers of carbon credits, traders, climate project developers, financial institutions, corporations, exchanges, and brokers.
Organizations that are committed to advancing the UAE’s decarbonization agenda are invited to join and collaborate with the UAE Carbon Alliance, enabling sector-wide dialogue across industries and contributing to the development of a robust carbon market framework.
