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  • btc = $51 813.00 - 327.20 (-0.63 %)

  • eth = $2 924.56 32.75 (1.13 %)

  • ton = $2.26 0.00 (0.19 %)

18 Nov, 2022
1 min time to read

Abu Dhabi state fund Mubadala Investment Company has acquired a strategic stake in Singapore's AirCarbon Exchange (ACX).

The first carbon exchange in the United Arab Emirates will launch as part of efforts to neutralise emissions by 2050 and prepare for next year's COP28 climate summit. It will allow companies to trade and finance carbon credits.

Emissions trading is designed to limit greenhouse gas emissions by limiting the amount of emissions that countries or companies can emit. If they exceed the limit, they must buy allowances from other members of the exchange.

The UAE is spearheading the transformation of the financial ecosystem, and this investment is a testament to our role in contributing to it. By investing in Air Carbon Exchange and pioneering the future of environmental commodities, we demonstrate our ability to combine impact with investments that support both the decarbonization and diversification of the UAE economy,

Badr Al Olama, Executive Director of UAE Clusters at Mubadala Investment Company, said.

AirCarbon had earlier partnered with Abu Dhabi Global Market to set up the first regulated carbon trading exchange and clearing house in the capital.