Sheikh Ahmed Dalmook Al Maktoum’s private office has launched a new entity called Blue Carbon to advance “nature-based solutions” in climate change mitigation initiatives.

Blue Carbon will focus on investments in coastal ecosystems, such as mangroves, which store three to five times the carbon of terrestrial forests.

Blue Carbon said the environmental potential of the ecosystem is “growing” as it strives to comply with existing regulations.

Sheikh Al Maktoum, chairman of the newly formed company, said Blue Carbon will enter into bilateral agreements with government and private entities to increase investment in “green” and “blue” carbon projects.

Green carbon is found in the living vegetation and soil of forest ecosystems, while blue carbon is stored in coastal and marine ecosystems such as mangroves.

Josiane Sadaka, CEO of Blue Carbon, said: “By 2050, the world will need an average of US$5 trillion in climate-related investments per year to achieve net zero.”

“We at Blue Carbon will advance these initiatives using methods that better predict the needs that will emerge as we transition to a decarbonized economy.”

Private Office owns a range of privately held group companies with a primary focus on infrastructure development, energy projects, LNG terminal development and desalination.

COP 28, or Cop28 As we all know, it will be held in the UAE next year. The conference, which will follow Cop27 in Egypt in November, will try to find solutions to the threat of climate change.

UAE, OPEC’s third-largest oil producer, aims to become carbon neutral By 2050, focus on developing clean energy projects.

The country plans to invest AED600 billion in clean and renewable energy over the next three years.