DFM to launch pilot for carbon credits trading at COP28

Thursday, 23 November 2023 13:32

By ARN News Staff

Dubai Financial Market (DFM) will conduct a pilot programme for trading carbon credits, scheduled to debut at COP28.

This move positions the financial market at the forefront of climate action as a regulated platform where project capital raising, carbon credit trading and safekeeping are explored in support of the UAE Government’s net zero by 2050 goal.

The pilot will be an integrated platform to explore the trading and use of carbon credits, providing a mechanism to help companies manage unavoidable and residual carbon emissions while pursuing direct decarbonization strategies.

Each carbon credit symbolizes a tangible reduction in carbon emissions, with one credit offsetting one ton of CO2 equivalent emissions.

More from Business

UAE highlights trade, logistics cooperation at Eurasia forum

Representing UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, Minister of Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi attended the Eurasia Economic Forum in Astana, Kazakhstan.
UAE explores Caribbean trade partnership at regional summit

The UAE is exploring closer economic ties with Caribbean nations after taking part as a special guest at a major regional foreign ministers’ meeting in Suriname.
Ferrari aims to prove doubters wrong after divisive EV debut

If Ferrari wanted to grab the world's attention with the Luce, its first all-electric car, mission accomplished - even if much of the reaction has been shock and outrage.
IndiGo, Air India cut June-July domestic flights amid high jet fuel prices, sources say

IndiGo and Air India, India's two largest airlines, have sharply cut their planned domestic flights for June and July, sources familiar with the matter said, as the industry grapples with a rise in jet fuel costs in the wake of the Iran war.