Dubai, UAE – September 20, 2023 – Blue Carbon, a UAE-based environmental asset developer with a portfolio of projects across Africa and Asia, and First Abu Dhabi Bank (FAB), the UAE’s largest bank and a green financial powerhouse, have entered into a momentous Memorandum of Understanding aimed at advancing carbon reduction initiatives and championing sustainable development. As a leading sustainable finance institution, FAB has set an impressive target of deploying 75 billion USD in sustainable finance initiatives by 2030 out of which 14.2 billion has already been facilitated to activities focused on environmental and socially responsible solutions.
Climate finance is increasingly assuming a central role in the global battle against climate change, as highlighted in the recent Africa Climate Summit. The partnership between Blue Carbon and FAB is therefore set to accelerate climate progress and channel crucial green investment capital towards much needed mitigation-based projects. The initiatives and transactions envisioned as part of this agreement will not only contribute to crucial climate targets but also usher in vital community livelihood support and climate resilience.
This partnership will see the establishment of long-term collaboration initiatives between FAB and Blue Carbon that will drive the development and implementation of initiatives related to carbon emission reduction credits, environmental conservation and sustainability. These projects, spearheaded by Blue Carbon, will be fully compliant with the requirements set forth in Article 6 of the Paris Agreement, making them eligible for corresponding adjustments in alignment with Nationally Determined Contributions (NDCs).
The monumental MOU was signed by Blue Carbon Chairman, Sheikh Ahmed Dalmook Al Maktoum and Mr. Sameh Al Qubaisi, Group Head of Global Markets at FAB, at a signing ceremony held in Abu Dhabi. His Excellency Abdullah bin Touq Al Marri, Minister of Economy, was in attendance in addition to several other FAB and Blue Carbon representatives.
Commenting on this transformative collaboration, Sheikh Ahmed Dalmook Al Maktoum Chairman of Blue Carbon, noted “We see immense potential in the collaboration between Blue Carbon and FAB to elevate climate finance to new heights. By aligning our efforts with the sustainability ambitions of both FAB and the UAE, we are charting a course towards fulfilling the crucial targets of the Paris Agreement and creating lasting positive impacts.”
This partnership will also facilitate carbon offset transactions between Blue Carbon and FAB that align with FAB’s overarching sustainability objectives, the climate mitigation agenda of COP28 and the UAE’s impressive NetZero2050 vision.