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Dubai is set to introduce a groundbreaking carbon credit mechanism at the upcoming UN Climate Change Conference, with the Dubai Financial Market (DFM) unveiling plans for a trial platform during COP28. The initiative aims to support businesses, particularly new and eco-conscious ventures, in managing unavoidable carbon emissions.
Landscape view of Al Qudra Lake in Dubai.
In collaboration with the Dubai Future Foundation, the DFM emphasised the involvement of key players like Arqaam Capital, BHM Capital, EFG Hermes, and Emirates NBD Securities as approved brokers. Hamed Ali, CEO of DFM and Nasdaq Dubai, highlighted the pivotal role of capital markets in driving the development of a low-carbon economy.
Scheduled to run from 4 to 8 December 2023, the platform targets qualified institutional investors, with carbon credit transactions set to conclude on 10 January 2024. Ali stressed the growing demand for carbon project financing in line with the global push for decarbonisation.
DFM invites Dubai-based businesses and project developers to participate in this pilot initiative, with 17 UAE-based companies, including Dubai Electricity and Water Authority (DEWA), Dubai World, and Dubai Municipality, already on board. Credits traded on the platform will originate from DEWA and My Carbon, focusing on accredited projects globally to avoid and reduce emissions.
Saeed Mohammed Al-Tayer, CEO of DEWA, expressed enthusiasm for its pivotal role in the DFM initiative, aligning with the UAE's vision for a green economy. The launch of the trading platform aligns with strategic initiatives such as UAE Net Zero by 2050, Dubai Clean Energy Strategy 2050, and Dubai Net Zero Carbon Emissions Strategy 2050.
The objective is ambitious: to provide 100% of Dubai's total power production capacity from clean energy sources by 2050. The launch of this trading platform signifies Dubai's commitment to nature conservation and transition towards a sustainable, environmentally conscious economy.
At DGB Group, our commitment to nature-based solutions unfolds a myriad of benefits for the environment and the communities we engage with. We develop large-scale projects that rehabilitate deteriorated lands, enrich biodiversity, create essential habitats, and uplift local communities through the distribution of energy-efficient cookstoves and comprehensive training programmes.
DGB's resolute focus on sustainable practices is charting a course towards a future characterised by ecological balance and biodiversity. In this vision, nature flourishes seamlessly in harmony with sustainability, marking a significant stride towards a healthier and more balanced world.
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