Emirates NBD: Bringing Transparency to UAE Carbon Market

Middle East, North Africa and Türkiye banking group Emirates NBD is joining forces with global ratings agency BeZero Carbon to bring transparency to carbon markets in the UAE.

The partnership is designed to:

• Provide ratings of carbon credits to climate investors in the Gulf
• See Emirates NBD’s new trading desk for carbon leveraging BeZero Carbon’s risk and quality assessments of carbon credits 
• Boost confidence in carbon credit investments and scale the new regional market.

The partnership will see Emirates NBD become the first banking group in the region to use a ratings agency for voluntary carbon market trading.

Enabling informed climate investment

A joint press release explains the partnership.

It says: “As the UAE races to embrace carbon markets through initiatives including the establishment of Dubai Financial Market’s pilot programme for trading carbon credits, ratings are poised to help scale this emerging market.

“The country has committed to reaching Net Zero by 2050, and the use of high-quality carbon credits is expected to play a significant role in realising this ambition.”

The BeZero Carbon rating provides customers with a risk-based assessment of a carbon project’s likelihood of avoiding or removing one tonne of CO2 on an eight-point scale, from AA’, representing highest likelihood, to D.

Carbon ratings help market participants to better understand the quality of their carbon credit investments, enabling more informed decisions to be made about sustainable investments.

Emirates NBD’s new carbon trading desk will be able to leverage the BeZero Carbon Markets platform, which currently hosts more than 440 ratings of carbon credit projects.

The aim is for Emirates NBD and its clients to navigate the market with confidence in the quality of investments.

Making its mark in the Gulf

Vijay Bains, CSO and Group Head of ESG at Emirates NBD, said: “At a time when carbon credits and offsets are vital for organisations aiming to achieve net zero targets, we are delighted to join forces with BeZero to enhance transparency and consolidate quality evaluations of carbon credits in the region.

“This partnership underscores Emirates NBD’s commitment to leading the dynamic carbon trading landscape and supporting the UAE’s Net Zero 2050 action plan."

Tommy Ricketts, CEO and co-Founder of BeZero Carbon, said: “We are excited to demonstrate the impact of carbon ratings in the UAE carbon markets, through our partner Emirates NBD.

“The region has an appetite to invest in genuinely effective climate solutions, alongside realising emissions reductions ahead of 2050.

“Harnessing the demand for high-quality carbon credits requires the right tools to build trust and transparency, and we are proud to make our mark in the Gulf through our risk assessments.”

About Emirates NBD

Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has a presence in 13 countries, serving over 9 million active customers. Its total assets are US$246bn.

The Group operates in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the UK, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with 858 branches and 4,450 ATMs / SDMs.

Emirates NBD Group provides banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations.

It also operates Liv, the lifestyle digital bank, currently the fastest-growing bank in the region.

The company says: “Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination.”

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