RIYADH: The Abu Dhabi Global Market, the country's international financial center, will build the world’s first regulated carbon trading exchange and clearing house.
The launch comes in partnership with the global carbon exchange company AirCarbon Exchange, the Abu Dhabi Government Media Office reported.
Expected to launch later this year, ACX will be established as a Recognised Investment Exchange regulated by the ADGM.
The establishment will enable corporations to trade and finance carbon credits, leading to an increase in investment in global carbon reduction and offset programs.
Also, ACX plans to set up a regulated Recognised Clearing House for the purposes of clearing and settling commodities and commodity derivatives, to be known as ACX Clearing Corporation.
“This initiative reinforces ADGM’s commitment and ongoing efforts to cement its position as a leading international financial center and world-class global commodities and carbon trading hub,” Ahmed Jasim Al Zaabi, chairman of ADGM, said.
The new development comes in line with the UAE’s efforts to accelerate its national economic development including its 2050 Strategic Initiative.
