UAE gets behind carbon markets

Investment in African offsets and ambitions to create a trading hub demonstrate Mideast Gulf state’s commitment to growing markets

The UAE made several bold commitments at the inaugural Africa Climate Summit in early September. The country and its leading clean energy developer committed to invest $4.5b and $10b (including $2b of equity capital) respectively by 2030 in renewable energy in Africa. And the UAE Carbon Alliance (UAECA) pledged to purchase $450m of African carbon offset credits by the same year. The announcements speak volumes about the UAE’s approach to addressing climate change. That approach invites controversy, particularly as the country prepares to host COP28 later this year, because it includes an ongoing role for fossil fuels while promoting carbon capture, green hydrogen-based products and carbon of