The United Arab Emirates Carbon Alliance has pledged to purchase USD450mn worth of carbon credits from the African Carbon Markets Initiative (ACMI) by 2030. This agreement was reached during the first Africa Climate Summit, where Sheikha Shamma bint Sultan, President and Chief Executive of the UAE Independent Climate Change Accelerators (UICCA), signed a letter of intent with ACMI. The UAE Carbon Alliance, formed in June as part of the UAE's Net Zero by 2050 Strategic Initiative, includes members like Mubadala Investment Company, First Abu Dhabi Bank, Masdar, and AirCarbon Exchange. ACMI, launched at COP27, aims to boost emissions reduction and transparency in voluntary carbon markets in Africa by increasing African carbon credits to 300 million by 2030. The UAE Carbon Alliance's commitment represents a significant step in achieving this goal, as global demand for carbon credits is expected to rise substantially, with the carbon offsets market estimated to reach USD250bn by 2050.

Source: Carboncredits