UAE Carbon Alliance to invest $450m in African carbon credits by 2030

By Nada Ali On Sep 5, 2023

The rainforest in Liberia, where a UAE firm wants to produce carbon credits from forest conservation. Photo Credit: Travis Lupick

The UAE Carbon Alliance has announced its intention to purchase $450 million of carbon credits from the Africa Carbon Markets Initiative (ACMI) by 2030, the climate change organisation said on Monday.

A non-binding letter of intent with the ACMI’s Advance Market Signal was signed by Sheikha Shamma bint Sultan, president and chief executive of the UAE Independent Climate Change Accelerators (UICCA).

“Our collaboration with the Africa Carbon Markets Initiative provides carbon market buyers in the UAE and wider region with access to high-quality carbon credits in Africa,” Shamma bint Sultan said.