First Abu Dhabi Bank has signed preliminary agreements with Masdar and Blue Carbon to supply carbon credits, a move that will boost the trading of emissions permits in the UAE.
Pacts with Masdar, Abu Dhabi’s clean energy company, and Dubai-based Blue Carbon, which focuses on creating environmental assets and nature-based solutions are “important milestones”, connecting UAE sustainability leaders directly into the emerging Mena carbon trading market, FAB, the UAE's largest bank by assets, said on Monday.
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 funds from the sale of the credits are then used to finance climate-action projects that would not otherwise get funding.
The market for the financial instrument could be worth more than $50 billion by 2030, according to consultancy McKinsey.
“Masdar has been active in carbon markets through our own investments and projects for the past 15 years, and we are fully supportive of tools that increase capital allocation to decarbonisation initiatives,” said Mohamed Al Ramahi, Masdar chief executive.
“Carbon credits provide industries with practical tools for reaching their ambitious decarbonisation targets. Ahead of the UAE hosting Cop28, we will continue to work across all sectors to build a more sustainable future for all.”
FAB is engaged in advanced discussions with several UAE entities to build a voluntary carbon ecosystem in the Arab world’s second largest economy.
In August, the Ministry of Climate Change and Environment signed a preliminary agreement with UAE-based Industrial Innovation Group and Venom Foundation to establish a national system for carbon credits using blockchain technology.
The pact in the run-up to the UN climate summit in Dubai in November and December is in line with the UAE’s stricter carbon emissions reduction targets this decade and achieving its goal of climate neutrality by 2050, the ministry said on Monday.
FAB said the move was in line with its ambitions to become a carbon trading hub in the UAE. It has already established a dedicated carbon trading desk as part of its global markets offering to clients.
The desk provides carbon trading and financing options, facilitates strategic carbon-related transactions, and promotes the development of high-quality carbon credits for corporate and investment banking clients.
FAB has trading capabilities in both compliance markets, including the EU Allowances and UK Allowances, and voluntary carbon markets, offering forward carbon credit purchase-structured solutions to local and international customers.
UAE currency: the story behind the money in your pockets
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Essentials
The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Related
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
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