AirCarbon Collaborates With Abu Dhabi Global Market to Achieve World’s First Carbon Neutral International Financial Centre
FEBRURARY 24, 2021, Abu Dhabi & Singapore –
AirCarbon Exchange (ACX) has partnered with Abu Dhabi Global Market (ADGM), a leading International Financial Centre (IFC) and global platform for accelerating sustainable finance, to offset ADGM’s 2021 carbon emissions and enable it to become the world’s first carbon neutral IFC.
“It is our privilege to partner with ADGM to support their efforts and pathway towards net-zero 2050,” said Thomas McMahon, Co-Founder and CEO of ACX. “With the increased focus on climate action and green finance we are pleased to be working with such an important global platform for accelerating sustainable development. Abu Dhabi is an integral part of the global financial system and through this initiative, they have set an example for the rest of the world to follow.”
ACX is the world’s first fully digital carbon exchange and has recently established a presence in Abu Dhabi to support the decarbonization ambitions of the MENA region. ADGM is leading the way by going carbon neutral as part of the United Arab Emirates wider ambition to be net-zero by 2050.
Juma Al Hameli, Chief of Staff at ADGM, stated: “As a hub for sustainable finance, ADGM is committed to supporting the energy transition and the UAE’s Net Zero by 2050 Strategic Initiative. We are proud of our partnership with AirCarbon Exchange, which has resulted in ADGM becoming the first carbon neutral international financial centre. We will continue to collaborate to advance our efforts to provide an innovative financial platform and progressive, holistic ecosystem that bolster Abu Dhabi’s sustainable economic development.”
The “Net-Zero Carbon” partnership between ACX and ADGM involved calculating and offsetting the carbon footprint of ADGM for 2021 and the 4th Abu Dhabi Sustainable Finance Forum 2022 to achieve carbon neutrality for the finance hub.
The ADGM offset was transacted on the ACX platform and included the purchase and retirement of carbon credits from the Rimba Raya Biodiversity Reserve Project based in Borneo, Indonesia, one of the world’s highest-rated REDD+ projects, achieving all 17 United Nations Sustainable Development Goals (SDG).
By providing a global platform to mobilize financing of innovative projects that reduce, remove or store carbon, ACX is able to facilitate offsetting the carbon emissions of different projects and businesses around the world.
The calculations for ADGM’s offsets were verified by BlockC, ACX’s Brazilian partner whose digital platform provides decarbonization solutions to corporations globally.
“We are pleased to be part of such a relevant endeavour,” said Carlos Martins, CEO of BlockC. “Decarbonization is a journey and ADGM has clearly demonstrated it is on the right track to achieve its ambitious but necessary goal.”
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM) is an international financial centre (IFC) located in the capital city of the United Arab Emirates, which opened for business in October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
It enables financial and non-financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on common law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for four consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.
For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)
About AirCarbon Pte. Ltd.
AirCarbon Exchange ("ACX") is a global exchange revolutionising the voluntary carbon market. The Exchange’s client base comprises corporate entities, financial traders, carbon project developers and other industry stakeholders. ACX provides its clients with an efficient and transparent trading platform which is easy to use, frictionless and with the lowest commission fees available on the market. Its underlying technology will allow the carbon market to scale efficiently to meet global ambitions of Net Zero.
Launched in 2019, the Exchange is a hybrid platform with a traditional central order book architecture that will be familiar to all experienced traders. The Exchange also utilises the speed and efficiency of the blockchain to achieve atomic T-0 trade execution, clearing and settlement. The Exchange’s core matching engine can currently match trades in the order ~10k per second.
As of May 2021, ACX is the world’s first carbon negative exchange, having offset its carbon emissions 12 months into the future (to May 2022) through the Onil Stoves Guatemala Uspantan project. ACX is committed to continuing to offset all of its emissions 12 months forward.
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BlockC is a digital platform that provides decarbonization solutions to corporations globally.
BlockC is part of a group of companies with over 20 years of presence in the renewable energy and carbon offsets markets.
For more information, please visit https://www.blockc.com.br