DUBAI: ACX, formerly known as AirCarbon Exchange, has signed a Memorandum of Understanding (MoU) with Blue Carbon, a project developer based in Dubai, to collaborate on the development of carbon markets in the Middle East and North Africa (MENA) region.
ACX’s regulated platform for trading environmental assets seeks to drive substantial transformations in the environmental markets. Through the partnership with Blue Carbon, this initiative will enhance the progress of carbon market initiatives in the MENA region.
Blue Carbon chooses ACX as preferred platform for carbon credit sales and transactions, including hosting auctions before COP28.
Both companies will collaborate to build appropriate market infrastructure, facilitating the implementation of Article 6.2 transactions under the United Nations’ Paris Agreement in the UAE and partner countries.
William Pazos, Co-CEO and Co-Founder of ACX, expressed enthusiasm about the partnership with Blue Carbon, stating, “We are pleased to collaborate as their preferred platform for carbon credit sales and smooth transactions. This agreement demonstrates how companies can combine their strengths to generate opportunities and meaningful outcomes while combating climate change.”
This Memorandum of Understanding (MOU) marks a significant milestone in ACX’s quest to become the foremost global carbon exchange. By successfully launching the world’s inaugural regulated carbon exchange in Abu Dhabi, ACX is making remarkable progress in establishing itself as a prominent participant in the carbon trading arena, both regionally in MENA and on a global level.
Josiane Sadaka, CEO of Blue Carbon, emphasized the importance of ITMOs (Internationally Transferred Mitigation Outcomes) in tackling climate change. She stated that ITMOs serve as a powerful tool for global cooperation and address the pressing need for collective action towards a sustainable and resilient future.
“By adopting a collaborative approach, we can pave the way for a low-carbon future that benefits both humanity and the environment. ACX’s efforts closely align with the UN’s Article 6 framework, enabling voluntary and compliance carbon sectors to converge in the near future,” she concluded.
