COP28 to Witness Dubai Financial Market's Launch of Carbon Credits Trading Platform

COP28 to Witness Dubai Financial Market's Launch of Carbon Credits Trading Platform

24 Nov, 2023

COP28 to Witness Dubai Financial Market's Launch of Carbon Credits Trading Platform

 

 

Dubai Financial Market is set to introduce a groundbreaking carbon credits mechanism, benefitting new businesses and eco-conscious companies, announced ahead of the UN Climate Change Conference in Dubai. The initiative aims to support companies in handling unavoidable carbon emissions, fostering a low-carbon economy.

The platform's trial launch during COP28, in collaboration with the Dubai Future Foundation, involves key players like Arqaam Capital, BHM Capital, EFG Hermes, and Emirates NBD Securities, approved as platform brokers, as highlighted by the Dubai Financial Market (DFM).

Hamed Ali, CEO of DFM and Nasdaq Dubai, emphasized the pivotal role of capital markets in steering the development of a low-carbon economy. The trading platform, catering to qualified institutional investors, is slated to operate from December 4 to 8, 2023, with carbon credit transactions settling by January 10, 2024.

Ali stressed the platform's significance in advancing ESG-focused themes, noting the surge in demand for carbon project financing amid the global drive towards decarbonization.

He invited Dubai's businesses and project developers to partake in this pioneering initiative, joined by 17 UAE-based companies and institutions, including Dubai Electricity and Water Authority, Dubai World, and Dubai Municipality.

The initiative's scope encompasses various entities such as Dubai International Financial Centre, Emirates NBD Bank, Majid Al Futtaim, Shuaa Capital, Al Ansari Financial Services, Emaar Properties, Salik, and Tabreed. Carbon credits traded on the platform originate from the Dubai Electricity and Water Authority and My Carbon, integrating internationally accredited projects with a focus on emission avoidance and reduction.

Saeed Mohammed Al-Tayer, CEO of DEWA, highlighted their pivotal role in DFM's pilot initiative, aligning with the UAE's vision of fostering a green economy and achieving strategic initiatives towards net-zero carbon emissions.

The endeavor aims to align with UAE's strategic goals, including the UAE Net Zero by 2050 initiative and Dubai's Clean Energy Strategy 2050, aiming for 100% clean energy sources for Dubai's power production by 2050.

Dubai's launch of this trading platform signifies a significant step towards combating climate change, marking the city's commitment to transitioning into a sustainable, environmentally conscious economy.

 

 


Related News

DWTC Hosts 2.65 Million Attendees, Strengthening Dubai’s Business Event Leadership

03 Apr, 2025

Dubai World Trade Centre (DWTC) reported record-breaking results for 2024,…
Read More
Dubai Chambers, Indian Ambassador Discuss Enhancing Trade and Investment Relations

28 Mar, 2025

Dubai Chambers recently held discussions with Indian Ambassador to the…
Read More
Dubai Chambers to Host First-Ever Business Forum in Hamburg

26 Mar, 2025

Dubai Chambers will host the Dubai Business Forum – Germany…
Read More
DWTC Hosts 2.65M Visitors in 2024, Showcasing Dubai’s Business Excellence

20 Mar, 2025

Dubai World Trade Centre (DWTC), the region’s leading business hub,…
Read More
Dubai’s New Free Zone Rule Expands Business Opportunities on Mainland

19 Mar, 2025

Dubai's new free zone rule paves the way for expanded…
Read More
Dubai Acknowledges USDC, EURC; AFS Collaborates with Ternoa on Blockchain

11 Mar, 2025

Dubai’s financial regulator, the DFSA, has approved Circle’s USDC and…
Read More

© 2025 Business International News. All rights reserved | Powered by Cred Matters.