Doha-based Global Carbon Council is in talks with Mena exchanges to list its carbon credits, a senior executive has said.
The council, an international carbon credit programme, plans to list the credits issued by it to clean energy projects from nearly 45 countries on carbon exchanges based in Egypt, Saudi Arabia and the UAE, chief operating officer Kishor Rajhansa told The National.
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 used to finance climate action projects that would not otherwise get off the ground.
The market for the financial instrument could be worth more than $50 billion by 2030, according to global consultancy McKinsey.
The Global Carbon Council has already signed an agreement with the Egyptian Stock Exchange, which launched Africa’s first regulated voluntary carbon market in January.
Mr Rajhansa said the council was also in talks with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, which together with Saudi Tadawul Group established the Regional Voluntary Carbon Market Company (RVCMC) last year.
The carbon credits comply with Corsia, a programme run by the International Civil Aviation Organisation.
“Our credits will be available on the exchanges for selling and having spot transactions,” Mr Rajhansa said.
“When you do spot transactions, you get better prices as well because the risk of project registration and issuance have been already taken out.”
The Global Carbon Council, which has no plans for its own exchange, acts as a regulator and is responsible for bringing the “highest quality” assets in the market, Mr Rajhansa said.
In June, Saudi Arabia's RVCMC oversaw the sale of more than 2.2 million carbon offsets in what it described as the largest auction of voluntary carbon credits yet.
The company plans to launch a carbon credit trading exchange in early 2024 and establish a fund to invest in climate projects, its chief executive Riham ElGizy told The National.
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 Global Carbon Council has set up a new division to help governments set up their carbon pricing policies as Article 6 of the Paris Agreement seeks to establish a new global carbon offsetting programme.
Countries did not agree on technical details for running trading in carbon credits at the Cop27 climate conference in Egypt last year.
“Article 6 is coming up and there are a lot of complexities and nuances around [it],” Mr Rajahansa said.
The council may start a carbon finance facility in 2024, which will be run independently by buyers of carbon credits, he said.
“The idea is to give the predictability of carbon finance to the market and to give a good market price for the project owner and not let intermediary entities take away all the profits,” Mr Rajahansa said.
“One year back, we had asked for an expression of interest from market players to apply for [an] independent running carbon facility [and] many market participants had responded to it.”
SPECS
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ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
T20 World Cup Qualifier
Final: Netherlands beat PNG by seven wickets
Qualified teams
1. Netherlands
2. PNG
3. Ireland
4. Namibia
5. Scotland
6. Oman
T20 World Cup 2020, Australia
Group A: Sri Lanka, PNG, Ireland, Oman
Group B: Bangladesh, Netherlands, Namibia, Scotland
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
UAE currency: the story behind the money in your pockets
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Record breaker
- The most total field goals made in NBA history, as well as the most consecutive games scoring 10 or more points
- The only player in NBA history to reach 10,000 rebounds and 10,000 assists
- Four-time regular season MVP and four-time NBA Finals MVP
- Six-time NBA All-Defensive selection. Rookie of the Year in 2004
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- The only player to play alongside his son; Bronny James was chosen by the Lakers in the 2024 NBA draft
Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
A list of the animal rescue organisations in the UAE
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Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
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'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
UAE currency: the story behind the money in your pockets
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
