The Private Office of Sheikh Ahmed Dalmook Al Maktoum has launched Blue Carbon in the UAE to create environmental assets and nature-based solutions as well as support carbon removal projects worldwide.
Blue Carbon was formed against the backdrop of growing international efforts to fight climate change. It will work to advance and integrate nature-based solutions into climate change mitigation initiatives to help countries fulfill their net-zero emission commitment by 2050 in compliance with Article 6 of the Paris Agreement, said a statement.
Sheikh Ahmed, Chairman of Blue Carbon, said: “We are delighted to launch Blue Carbon today. The company is founded at a time when one-third of greenhouse gas (GHG) emissions reductions needed by 2030 to reach the net-zero target can be achieved through nature-based solutions. These solutions can help boost more efforts needed to reduce global energy-related carbon emissions to net zero by 2050 and, thus, give the world an even chance of limiting the global temperature rise to 1.5°C.”
“Net-zero commitments must be backed by immediate steps and credible actions by businesses, investors and countries. As such, at the core of our work is to enter into bilateral agreements with governments and private entities across the globe so that, together, we can boost investments in green and blue carbon projects today to meet tomorrow’s demand,” added Sheikh Ahmed.
Blue Carbon will focus on investments in coastal ecosystems such as mangroves, which can store carbon that is 3 to 5 times higher than terrestrial forests. Interest among businesses in the ecosystems’ environmental potential is growing as they work towards complying with the existing regulations and contributing to the protection of the planet.
Blue Carbon CEO Josiane Sadaka added: “The world will require an estimated average of USD 5 trillion a year until 2050 of climate-related investments to reach net-zero goals. Given the enormous challenge before us, governments have been ramping up their climate action programs while businesses have been intensifying their net-zero commitments. We at Blue Carbon will further these initiatives using methodologies that can better forecast demands that will emerge as we transition to a de-carbonized economy.”
Governments are expected to further discuss their climate strategies and agendas at the 27th and 28th sessions of the Conference of the Parties (COP) of the UNFCCC in Egypt later this year and in the UAE in 2023.
“We only have one planet, and each has a role to play in preserving and protecting it. Investing in impactful and tangible sustainability projects now is one option that can very well impact our future,” Sadaka continued.
Blue Carbon will serve as an enabler of blue and green economy operational frameworks that will set the agenda for the implementation of international climate agreements as well as to contribute to the UAE Net Zero by 2050 strategic initiative.
With its expertise in climate change economics, Blue Carbon aims to be at the forefront of sustainable climate change investment. It takes pride in its initiatives to restore and protect challenging environmental assets and support surrounding communities. It also boasts a wealth of experience in compiling GHG inventories, MRVs, NDCs and Carbon Abatement strategies across the world, said the statement. -TradeArabia News Service