Global carbon ratings agency BeZero Carbon has partnered with Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, to enhance carbon due diligence and support the growth of the emerging UAE carbon market.
The BeZero Carbon rating offers a risk-based assessment of a carbon project’s likelihood of avoiding or removing one tonne of CO2e, using an eight-point scale ranging from ‘AAA’ (highest likelihood) to ‘D’. These ratings help market participants better understand the quality of their carbon credit investments.
Through this partnership, Emirates NBD will become the first banking group in the region to use a ratings agency for voluntary carbon market trading. The bank’s new carbon trading desk will leverage the BeZero Carbon Markets platform, which currently features over 440 carbon credit project ratings. This access to comprehensive, science-based risk assessments will enable Emirates NBD and its clients to confidently navigate the carbon market.
As the UAE pushes forward with carbon market initiatives, including the Dubai Financial Market’s pilot programme for carbon credit trading, ratings like those from BeZero Carbon are expected to play a crucial role in scaling the market. The UAE aims to achieve Net Zero by 2050, with high-quality carbon credits playing a key role in reaching this goal.
Tommy Ricketts, CEO and co-founder of BeZero Carbon,said, “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, alongside realising 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.”
Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD said, “At a time when carbon credits and offsets are vital for organisations 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.”