Emirates NBD Partners with BeZero Carbon for UAE Market
Emirates NBD Bank PJSC
Highlights
BeZero Carbon is working with Emirates NBD to develop carbon due diligence and the UAE carbon market.
BeZero Carbon has an 8-point rating system from ‘AAA’ to ‘D’ to rate carbon projects.
Emirates NBD is the first bank in MENAT to introduce a carbon rating system for voluntary carbon trading.
This supports the UAE’s Net Zero by 2050 goal with high-quality carbon credits.
BeZero Carbon, a global carbon ratings agency, is working with Emirates NBD, a leading bank in MENAT (Middle East, North Africa and Türkiye).
This partnership will develop carbon due diligence and the UAE carbon market.
BeZero Carbon has a rating system that assesses the likelihood of a carbon project to avoid or remove one tonne of CO2e. This is an 8-point scale from ‘AAA’ to ‘D’. These ratings help market participants to evaluate their carbon credit investments.
Through this partnership, Emirates NBD will be the first bank in the region to integrate a rating agency into their voluntary carbon market trading. Their new carbon trading desk will use the BeZero Carbon Markets platform which has over 440 ratings of carbon credit projects. This will allow Emirates NBD and their clients to make informed decisions with confidence in their investments.
As the UAE develops its carbon market including the Dubai Financial Market’s pilot programme for carbon credit trading, these ratings will support the growth of the market. With the UAE’s Net Zero by 2050 goal, high-quality carbon credits will be key to achieving this.
Tommy Ricketts, CEO and co-Founder of BeZero Carbon, said:
“We are excited to demonstrate the impact of carbon ratings in the UAE carbon markets, through our partner Emirates NBD. The region has an appetite to invest in genuinely effective climate solutions, alongside realising emissions reductions ahead of 2050. Harnessing the demand for high-quality carbon credits requires the right tools to build trust and transparency, and we are proud to make our mark in the Gulf through our risk assessments.”
Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, said:
"At a time when carbon credits and offsets are vital for organisations aiming to achieve net zero targets, we are delighted to join forces with BeZero to enhance transparency and consolidate quality evaluations of carbon credits in the region. This partnership underscores Emirates NBD’s commitment to leading the dynamic carbon trading landscape and supporting the UAE’s Net Zero 2050 action plan."
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Source: BeZero Carbon
