In a significant move to address climate impacts, the UAE Carbon Alliance, led by H H Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President and CEO of the UAE Independent Climate Change Accelerators (UICCA), has pledged to purchase $450 million in African carbon credits by 2030. The announcement took place at the first Africa Climate Summit this week, where multiple parties are vying to unlock Africa's capacity to generate carbon credits while fostering sustainable investment prospects and ensuring enduring climate benefits. This pledge aims to bridge the high-integrity supply of African carbon credits with the growing demand in the Middle East.
Primeval forest in Ranomafana National Park, Madagascar.
The partnership was formalised through a non-binding Letter of Intent with the Africa Carbon Markets Initiative’s Advance Market Signal. The UAE Carbon Alliance, launched by UICCA in June, aligns with the UAE Net Zero by 2050 Strategic Initiative and supports companies' transition to a green economy.
Sheikha Shamma highlighted the significance of this collaboration, offering access to high-quality carbon credits in Africa to buyers in the UAE and the wider region. This pledge aims to enhance integrated and efficient carbon market mechanisms between the two regions and plays a pivotal role in the UAE's decarbonisation journey.
Officials emphasised Africa's essential role in achieving the goals of the 2015 Paris Agreement ahead of the COP28 summit in the UAE. They stressed the importance of accessible climate finance for developing countries, including those in Africa.
In related news from the Africa Climate Summit in Nairobi, a partnership led by Irena, in collaboration with Kenya, the UAE, Denmark, and Germany, pledged to boost renewable energy in Africa.
The Africa Carbon Markets Initiative (ACMI), initiated during COP27, strives to create, amplify, and sustain high-integrity carbon credits in Africa, reducing emissions and enhancing transparency in voluntary carbon markets.
Paul Muthaura, CEO of ACMI, praised the UICCA's pledge as an international cooperation opportunity to address climate change and create a sustainable, transparent, and equitable carbon market ecosystem in Africa.
To date, notable signatories under the ACMI’s Advance Market Signal include Standard Chartered, Vertree, ETG, and Nando’s, with $200 million already collected to purchase African carbon credits by 2030, according to the UICCA.
The UAE Carbon Alliance's founding members include AirCarbon Exchange, First Abu Dhabi Bank, Mubadala Investment Company, Taqa, and Masdar, with UICCA serving as its secretariat. This partnership strengthens international climate cooperation and unlocks Africa's carbon credit generation potential.
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