UAE to Power Up African Carbon Credit Market with $450M Pledge

The United Arab Emirates Carbon Alliance has committed to buy $450 million carbon credits by 2030.
The deal occurred at the first Africa Climate Summit where Sheikha Shamma bint Sultan, president and chief executive of the UAE Independent Climate Change Accelerators (UICCA) signed a letter of intent.
It’s one of the highly-anticipated announcements at the 3-day event currently taking place in Kenya this week. Participating country leaders and delegates come together to ramp up climate action on the continent.

UICCA launched the UAE Carbon Alliance in June to help companies transition to a green economy. This is part of the country’s Net Zero by 2050 Strategic Initiative.
The Emirati group aims to become “a leading hub for high integrity, high-quality carbon markets”, for trading carbon offsets. They seek the high-integrity supply of carbon credits to high demand from the Middle East.

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