Summary:

The United Arab Emirates, a country that holds a prominent position as one of the world’s largest exporters of fossil fuels, is keen on establishing itself as an influential leader in creating global carbon markets. This move comes as the country prepares to host the annual United Nations climate talks, scheduled to take place this month.

Content:

The efforts of a company owned by one of the royal families in the UAE to secure the rights to produce carbon credits from a vast African forest have raised concerns and are being scrutinized closely. The idea behind creating a global market for carbon credits is to incentivize countries and companies to reduce their carbon footprint, thereby reducing the harmful effects of climate change. 

The ongoing climate negotiations in the UAE are focused on reaching a consensus on the regulations required to create a worldwide trading market for carbon credits. The global carbon market will allow people to purchase credits to compensate for emissions that contribute to global warming. The objective is to create an incentive to reduce emissions. Many environmentalists are skeptical of some carbon-credit projects because they believe the projects overstate emissions reductions. 

Despite the positive intentions behind carbon-credit projects, many environmentalists remain skeptical of them, as they believe the projects overstate emissions reductions. They argue that purchasing credits is simply a way for countries and companies to mask their pollution, a practice they have dubbed “greenwashing.”

 Five Nations Zimbabwe, Zambia, Kenya, Liberia and Tanzania signed preliminary agreement with Blue Carbon, a Dubai-based organization, has obtained forested land in five African nations. The land will be used for conservation projects to prevent deforestation and the release of large amounts of carbon dioxide (CO2) into the atmosphere, which contributes to global warming. Conservation efforts can be utilized by Blue Carbon to generate carbon credits. These credits can be sold to companies and governments. This will offset their climate pollution while continuing to burn fossil fuels that warm the planet. 

Picture and Article Sources: The Wall Street Journal