The UAE Carbon Alliance, led by Her Highness Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President and CEO of the UAE Independent Climate Change Accelerators (UICCA), has declared its commitment to purchase $450 million worth of African carbon credits by 2030.
This historic pledge seeks to bridge the gap between the high-integrity supply of African carbon credits and the soaring demand from the Middle East.
The Africa Carbon Markets Initiative (ACMI), incubated by Sustainable Energy for All (SEforALL), the Global Energy Alliance for People and Planet (GEAPP), and The Rockefeller Foundation, has played a pivotal role in facilitating this landmark agreement in partnership with the United Nations Economic Commission for Africa (UNECA) and the UN Climate Change High-Level Champions.
The UAE Carbon Alliance, composed of prominent partners like 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), has been at the forefront of advancing the carbon market ecosystem.
Her Highness Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President & CEO of UICCA, remarked, “As we navigate the climate crisis, carbon markets stand as a pivotal tool in our decarbonization journey. The UAE Carbon Alliance aspires to aggregate demand for high-quality carbon credits from the UAE; demand which already exceeds the supply available from the UAE alone.
“Our collaboration with the Africa Carbon Markets Initiative provides carbon market buyers in the UAE and the wider region with access to high-quality carbon credits in Africa.”
Paul Muthaura, CEO of ACMI, added, “We are thrilled to announce this critical signal from the United Arab Emirates Independent Climate Change Accelerators (UICCA), which amplifies the ACMI mission to build integrity via transparency and accountability for high-integrity carbon credits in Africa. Together, we aim to create a sustainable, transparent, and equitable carbon market ecosystem in Africa that will drive significant positive impact for our continent and the world.”
The pledge signifies a significant step towards achieving the goals of ACMI, with current signatories including Standard Chartered, Vertree, ETG, and Nando’s collectively committing an estimated $200 million for the purchase of African carbon credits by 2030.
ACMI aligns its efforts with global carbon market standards, emphasizing transparency and accountability.
UAE Independent Climate Change Accelerators (UICCA) has been a driving force in promoting a green economy and advocating for effective climate policies, making this pledge a significant step towards a sustainable future.
The Africa Carbon Markets Initiative (ACMI), founded at COP27 in Egypt, focuses on accelerating Africa’s voluntary carbon markets and driving economic development through clean energy, forest protection, improved agriculture, and new income sources.
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