The UAE’s Securities and Commodities Authority is in talks with the Ministry of Climate Change and Environment and other stakeholders to develop a carbon-trading mechanism as the Arab world’s second-largest economy aims to achieve net zero in the coming three decades.
“Due to the large footprint of the carbon sector in the country, it would be useful to have a carbon-trading mechanism in the UAE,” SCA chief executive Maryam Al Suwaidi told the Abu Dhabi Sustainable Finance Forum on Thursday.
“The SCA is consulting the Ministry of Climate Change and Environment and other stakeholders on ways to implement this.”
Carbon credits, also known as carbon offsets, are permits that allow companies to emit a certain amount of carbon dioxide or other greenhouse gases.
The market for the financial instrument could be worth more than $50 billion by 2030, according to consultancy McKinsey.
Last year, the Abu Dhabi Global Market teamed up with AirCarbon Exchange to create the “world’s first fully regulated” carbon-trading exchange and clearing house in the emirate.
The ADGM will regulate carbon credits and offsets as emission instruments, and issue licences for exchanges to operate both spot and derivative markets.
“The ultimate goal of the SCA’s road map is to create a gradual and lasting change in the culture and mindset of all regulated entities in relation to their role and responsibilities towards achieving sustainability,” Ms Al Suwaidi said.
“The SCA will continue to encourage all efforts to support [the] national agenda towards the UAE's Net Zero by 2050 strategic initiative.”
Speaking at the same forum, Sheikha Shamma bint Sultan, president and chief executive of the UAE Independent Climate Change Accelerators, said there was a "$3 trillion to $3.5 trillion” gap in annual investment made towards the UN's sustainable development goals and the climate.
“The solution lies in a new approach to funding known as blended finance,” said Sheikha Shamma.
“By merging private capital with development funding, blended finance structures allow people to de-risk their investments, while still investing with a purpose.”
In 2021, blended finance represented an aggregated financing of more than $160 billion, according to Convergence, a global network for blended finance.
The Emirates is investing Dh600 billion ($163.37 billion) in clean and renewable energy projects over the next three decades as it aims to achieve net-zero emissions by 2050.
The country has also urged public and private companies to adopt carbon neutral measures.
In January last year, the ADGM announced that it had achieved carbon neutrality by offsetting its emissions in 2021, becoming the world’s first international financial centre to do so.
AUSTRALIA SQUAD
Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
The specs
Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
Company%C2%A0profile
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
if you go
The flights
Fly to Rome with Etihad (www.etihad.ae) or Emirates (www.emirates.com) from Dh2,480 return including taxes. The flight takes six hours. Fly from Rome to Trapani with Ryanair (www.ryanair.com) from Dh420 return including taxes. The flight takes one hour 10 minutes.
The hotels
The author recommends the following hotels for this itinerary. In Trapani, Ai Lumi (www.ailumi.it); in Marsala, Viacolvento (www.viacolventomarsala.it); and in Marsala Del Vallo, the Meliaresort Dimore Storiche (www.meliaresort.it).
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
UAE currency: the story behind the money in your pockets
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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The five pillars of Islam
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
