Emirates NBD, a banking group operating in the MENAT region, has introduced carbon future contracts trading in response to growing demand from corporations to manage their CO2 emissions offsetting in alignment with the UAE's Net Zero targets. The move comes ahead of the United Nations Climate Change Conference (COP28) scheduled for November in the UAE. The trading facility will enable clients to access the carbon asset class, which is valued at approximately USD850bn across six global emission trading schemes. The carbon contract trading is aligned with the European Union's Emission Trading System (ETS) and the UK Emission Trading Scheme, following their guidelines for transparency, credibility, and accountability. Additionally, the UAE government plans to establish regulated CO2 credit trading exchanges and clearing houses before COP28.

Source: Carbonherald