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Wednesday, May 22, 2024

ACX, Blue Carbon forge MOU to foster Carbon Market Development in Dubai

ACX and Blue Carbon partner to develop carbon markets in MENA, leveraging ACX's regulated platform and aiming to enhance carbon market initiatives in the region.

ACX, formerly known as AirCarbon Exchange, has signed a Memorandum of Understanding (MoU) with Blue Carbon, a project developer based in Dubai, to collaborate on the development of carbon markets in the Middle East and North Africa (MENA) region. This partnership aims to drive substantial transformations in the environmental markets, leveraging ACX’s regulated platform for trading environmental assets.

Enhancing Carbon Market Initiatives in MENA

Through the collaboration with Blue Carbon, ACX seeks to enhance the progress of carbon market initiatives in the MENA region. Blue Carbon has chosen ACX as its preferred platform for carbon credit sales and transactions, including hosting auctions before COP28. This strategic alliance will contribute to building the necessary market infrastructure for the implementation of Article 6.2 transactions under the United Nations’ Paris Agreement in the UAE and partner countries.

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ACX’s Co-CEO and Co-Founder, William Pazos, expressed enthusiasm about the partnership, emphasizing the role of collaboration in generating opportunities and meaningful outcomes in the fight against climate change. The agreement signifies ACX’s position as the preferred platform for carbon credit sales and smooth transactions, showcasing the strength of combining expertise to drive positive change.

A Significant Milestone for ACX

This MoU represents a significant milestone for ACX’s ambition to become a leading global carbon exchange. By successfully launching the world’s inaugural regulated carbon exchange in Abu Dhabi, ACX is making remarkable progress in establishing itself as a prominent participant in the carbon trading arena. Their efforts extend not only regionally in MENA but also on a global level, contributing to the advancement of carbon markets worldwide.

ITMOs as a Tool for Climate Change Mitigation

Josiane Sadaka, CEO of Blue Carbon, highlighted the importance of Internationally Transferred Mitigation Outcomes (ITMOs) in addressing climate change. ITMOs serve as a powerful tool for global cooperation and contribute to the collective action required for a sustainable and resilient future. By adopting a collaborative approach, we can pave the way for a low-carbon future that benefits both humanity and the environment. ACX’s efforts align closely with the UN’s Article 6 framework, enabling the convergence of voluntary and compliance carbon sectors in the near future.