ACX Abu Dhabi Initiates First Regulated Carbon Credit Trading
ADGM Building ● Photo Credit: ACX (AirCarbon Exchange)
ABU DHABI, Arab Emirates, October 26, 2023 (VSNewsNetwork.com) - ACX (AirCarbon Exchange) announced that its Abu Dhabi-based exchange is now operational, marking a significant step for voluntary carbon markets (VCM). The exchange, situated in Abu Dhabi Global Market (ADGM), has already seen its inaugural trades executed. First Abu Dhabi Bank (FAB) and Helix Climate conducted the first trade on the platform.
ACX established its presence in ADGM in August 2021 and gained investment from Mubadala Investment Company PJSC, an Abu Dhabi sovereign investor, in September 2022. ACX Abu Dhabi became the world's first regulated Recognised Investment Exchange for carbon credits in November 2022, under ADGM's Environmental Instrument classification. Sameh Al Qubaisi, Group Head of Global Markets at First Abu Dhabi Bank, said, “As the UAE’s largest bank, we are keen to support the expansion and potential of carbon markets.”
The platform aims to bring credibility and structure to the carbon trading market by adhering to stringent regulatory standards, including client asset segregation and real-time market surveillance. Simon Harman, founding partner of Helix Climate, commented, “We share ACX’s vision to grow liquidity, transparency, and confidence in the voluntary carbon markets.”
Arvind Ramamurthy, Chief of Market Development at ADGM, indicated the broader implications, stating, “This step marks a momentous milestone in the journey towards a thriving market for voluntary carbon markets.”
The news comes after ACX Group was awarded the best carbon exchange of 2023 by Environmental Finance, highlighting the exchange's ability to “innovate and trigger positive change in this critically important sector,” according to ACX’s co-founder and co-CEO William Pazos.
For more information on ACX and its new carbon trading platform, visit www.adgm.com.
Source: ACX (AirCarbon Exchange) via Newswire
