A new coalition called UAE Carbon Alliance making up of UAE companies has been established to develop and grow a carbon market in the United Arab Emirates.
The newly established alliance, launched by the UAE Independent Climate Change Accelerators (UICCA), will help support the transition of companies to a green economy, as set out in the UAE Net Zero by 2050 Strategic Initiative.
Carbon market is a trading system in which carbon credits are bought and sold. Companies or individuals can use such markets to compensate for greenhouse gas emissions through buying carbon credits from groups that remove or reduce greenhouse gas emissions.
