ACX Agrees MoU with Dubai’s Blue Carbon to Develop Regional Carbon Markets

ACX (formerly known as AirCarbon Exchange), operating its proprietary regulated environmental asset trading platform, has signed a Memorandum of Understanding (MoU), with Blue Carbon, the Dubai-based project developer, to develop carbon markets in the Middle East and North Africa region.

The collaboration will see Blue Carbon using ACX as its preferred platform to sell its carbon credits and settle transactions.

The two companies will also seek to host auctions to sell Blue Carbon’s credits in the run-up to the COP28 climate conference in Dubai. In addition, they will assist one another in developing suitable market infrastructure to enable the UAE and partner countries to implement Article 6.2 transactions under the United Nations’ Paris Agreement.

Co-CEO and Co-Founder of ACX William Pazos, said: “We are delighted to partner with Blue Carbon as their preferred platform for selling carbon credits and facilitating seamless transactions. Cooperation is central to our fight against climate change. Our agreement today is a great example of how companies can join forces to leverage each other’s strengths to create opportunities and results.”

Blue Carbon is developing projects that will be eligible for carbon credits or Internationally Transferred Mitigation Outcomes (ITMO), which count towards a country’s Nationally Determined Contributions (NDCs). This sector is likely to grow in popularity as countries rich in carbon resources seek to sell their credits to heavy-emitting countries.