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The UAE has dedicated to purchasing $450 million of carbon credit from the Africa Carbon Markets Initiative (ACMI), to spice up Africa’s carbon credit score manufacturing 19-fold by 2030.
Launched throughout COP27, the ACMI goals to create, amplify, and maintain the following era of excessive integrity carbon credit with the ambition to cut back emissions and convey transparency and integrity to voluntary carbon markets within the area.
“As we navigate the climate crisis, carbon markets stand as a pivotal tool in our decarbonisation journey,” defined Her Highness Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President and CEO of the UAE Independent Climate Change Accelerators (UICCA).
“Our collaboration with the Africa Carbon Markets Initiative provides carbon market buyers in the UAE and wider region with access to high-quality carbon credits in Africa. This does not only help to unlock Africa’s carbon credit generation potential, but also supports sustainable investment opportunities and long-term climate impact.”
The ACMI is a collaborative effort incubated by Sustainable Energy for All (SEforALL), the Global Energy Alliance for People and Planet (GEAPP), and The Rockefeller Foundation, and rolled out in partnership with the United Nations Economic Commission for Africa (UNECA) and the UN Climate Change High-Level Champions.
Signatories below ACMI’s Advance Market Signal characterize the carbon market patrons and traders considering buying African carbon credit to assist the event of African carbon markets.
To date, the present signatories below ACMI’s Advance Market Signal embrace Standard Chartered, Vertree, ETG and Nando’s, with an estimated $200 million collected for buy of African carbon credit by 2030.
