In a significant step towards enhancing climate investments and transparency in the Middle East, global carbon ratings agency BeZero Carbon has teamed up with Emirates NBD, one of the leading banking groups in the MENAT region (Middle East, North Africa, and Türkiye). This groundbreaking partnership aims to strengthen the carbon credit market in the UAE, providing clarity and confidence to investors navigating the rapidly expanding voluntary carbon market.
As part of this collaboration, Emirates NBD will leverage BeZero Carbon’s sophisticated rating system to evaluate carbon credits, ensuring that the investments contribute meaningfully to reducing global emissions. The move comes as the UAE intensifies its efforts to reach its ambitious Net Zero target by 2050, with carbon credits playing a pivotal role in the country’s climate strategy.
Leading the Way in Carbon Ratings
BeZero Carbon’s rating system offers a risk-based assessment of a carbon project’s ability to avoid or remove carbon dioxide equivalent (CO2e) emissions. These assessments are crucial for investors who want to ensure the quality and effectiveness of their carbon credit purchases. The ratings, presented on an eight-point scale from ‘AAA’ (representing the highest likelihood of success) to ‘D,’ help market participants better understand the risks and benefits associated with specific carbon projects.
Emirates NBD will integrate this detailed, science-based evaluation system into its carbon trading desk for the first time in the region. The bank’s clients will now have access to over 440 comprehensive ratings of carbon credit projects hosted on the BeZero Carbon Markets platform, allowing them to make informed and sustainable investment decisions.
This initiative reflects a growing demand for high-quality carbon credits in the Gulf, especially as the UAE is a hub for sustainable finance and carbon trading. Through its partnership with BeZero Carbon, Emirates NBD aims to provide transparency and trust in this emerging market.
Scaling the UAE’s Carbon Market
The collaboration between BeZero Carbon and Emirates NBD aims to provide better tools for climate investors and scale the UAE’s nascent carbon market. The partnership aligns with the UAE’s vision of embracing carbon markets and achieving Net Zero by 2050. Key initiatives such as the Dubai Financial Market’s pilot program for carbon credit trading highlight the country’s commitment to sustainability, with carbon credits expected to play a central role.
By offering high-quality, transparent carbon ratings, BeZero Carbon and Emirates NBD are helping to establish the foundations of a robust carbon market in the region. Investors now have access to the insights needed to ensure their carbon credit purchases are effectively contributing to emissions reductions rather than falling short of their environmental goals.
This transparency system is essential as the UAE and other Gulf nations seek to create a competitive and credible carbon market that can attract global investments. The region is poised to lead in sustainable finance and climate solutions with the right tools and partnerships.
Empowering Climate Investors with Confidence
One of the biggest challenges for climate investors is identifying which carbon credit projects are genuinely practical. BeZero Carbon’s rigorous ratings help solve this issue by providing a clear, objective assessment of each project’s ability to avoid or remove carbon emissions. These ratings are based on a combination of environmental data, project documentation, and science-driven analysis, offering investors unparalleled transparency.
Tommy Ricketts, CEO and co-founder of BeZero Carbon, expressed his enthusiasm for the partnership: “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 and realize 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.”
With this collaboration, Emirates NBD becomes the first banking group in the region to utilize a rating agency for voluntary carbon market trading. By embracing BeZero Carbon’s expertise, Emirates NBD is allowing its clients to invest in carbon credits with confidence, knowing that a reliable and comprehensive evaluation process backs their investments.
Supporting the UAE’s Net Zero 2050 Ambition
Partnerships like this are crucial as the UAE races to meet its Net Zero 2050 target. When adequately assessed and utilized, carbon credits provide a valuable tool for companies and governments working to reduce their carbon footprints. However, with transparency and a clear understanding of the quality of these credits, the market can maintain credibility.
Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD highlighted the importance of this partnership in supporting the UAE’s climate goals: “At a time when carbon credits and offsets are vital for organizations 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.”
High-quality carbon credits are expected to play a significant role in the UAE’s efforts to decarbonize its economy. The partnership between BeZero Carbon and Emirates NBD is helping to drive progress toward this goal by improving transparency and confidence in the market.
A Greener Future for the Gulf
As the Gulf region continues to develop its carbon market, the focus on quality and transparency will be crucial to its success. The partnership between BeZero Carbon and Emirates NBD not only strengthens the UAE’s carbon credit infrastructure but also sets a precedent for how the region can lead in sustainable finance.
With the right tools, partnerships, and a solid commitment to transparency, the Gulf’s carbon market can grow to become a global leader in climate investments. The collaboration between BeZero Carbon and Emirates NBD represents a significant step toward realizing this potential, as both organizations work together to support the region’s journey to Net Zero.
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