United Arab Emirates, July 29, 2024
In a significant move to combat climate change, the UAE Cabinet has issued Resolution No. 67 of 2024, establishing the National Register for Carbon Credits. This initiative aligns with the UAE’s commitment to reducing carbon emissions and enhancing sustainability across various sectors.
The resolution mandates the implementation of a monitoring, reporting, and verification system for entities with substantial carbon emissions. Entities emitting 0.5 million metric tons of CO2 equivalent or more annually must report their emissions to the Ministry of Climate Change and Environment and register with the National Registry.
As its second key function, the National Carbon Registry offers a platform that facilitates voluntary initiatives focused on carbon reduction and removal. It allows these initiatives to measure their impact according to internationally accepted standards and methodologies, thereby enabling them to obtain traceable carbon credits that are registered on the platform.
Carbon credits issued by the National Registry will be considered financial instruments, tradable on both local and licensed international platforms, subject to prior approval from the Ministry. The Securities and Commodities Authority will regulate the licensing and operation of the carbon credits trading platform.
This initiative directly supports the efforts of Carbon Standard, which specializes in providing expert guidance on sustainability strategy formulation, greenhouse gas reporting, and emissions evaluation. By leveraging comprehensive documentation and sustainability reporting, Carbon Standard helps businesses navigate the complexities of environmental responsibility and sustainable growth.
This resolution will come into effect on December 28, 2024. For detailed information, please refer to the Cabinet Resolution No. 67 of 2024 Concerning the National Register for Carbon Credits.
