ACX & Dubai's Blue Carbon: Carbon Market Deal
ACX, the revolutionary environmental asset trading platform (formerly AirCarbon Exchange), has entered into a Memorandum of Understanding (MOU) with Blue Carbon, a Dubai-based project developer.
They aim to collaborate on the development of carbon markets in the Middle East and North Africa region.
Under this partnership, Blue Carbon will utilise ACX as its preferred platform for trading carbon credits and conducting transactions. The two companies will also work together to organise auctions for the sale of Blue Carbon's credits leading up to the COP28 climate conference in Dubai.
Furthermore, they will assist each other in establishing market infrastructure that enables the UAE and partner countries to implement Article 6.2 transactions outlined in the Paris Agreement.
William Pazos, Co-CEO and Co-Founder of ACX expressed his excitement about the collaboration, stating, "We are thrilled to partner with Blue Carbon and serve as their preferred platform for carbon credit sales and seamless transactions. Cooperation plays a vital role in combating climate change, and our agreement today exemplifies how companies can unite their strengths to create opportunities and drive impactful outcomes."
This MOU marks another significant milestone in ACX's journey to become a leading global carbon exchange. With the successful establishment of the world's first regulated carbon exchange in Abu Dhabi, ACX is solidifying its position as a major player in carbon trading, not only within the MENA region but also on a global scale.
Blue Carbon focuses on developing projects that qualify for carbon credits or Internationally Transferred Mitigation Outcomes (ITMOs) that contribute to a country's Nationally Determined Contributions (NDCs). As countries rich in carbon resources seek to sell their credits to high-emission nations, this sector is expected to witness increasing popularity.
Josiane Sadaka, CEO of Blue Carbon, emphasised the significance of ITMOs in combating climate change, stating, "ITMOs serve as a powerful tool for global cooperation, addressing the urgent need for collective action towards a sustainable and resilient future. By embracing this collaborative approach, we pave the way for a low-carbon future that benefits both humanity and the environment."
By closely aligning its activities with the UN's Article 6 framework, ACX is also establishing a path for voluntary and compliant carbon sectors to converge in the coming years.
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Source: ACX
