BeZero Carbon, a global carbon ratings agency, has entered into a partnership with Emirates NBD, a banking group in the MENAT region.
BeZero Carbon is renowned for its comprehensive risk assessments of carbon projects, offering ratings on an eight-point scale to guide investment decisions.
Emirates NBD stands as a leading financial entity, deeply integrated within the Middle East, North Africa, and Türkiye, offering a wide range of banking services.
The partnership aims to bolster Emirates NBD’s carbon due diligence processes and expand the nascent carbon market in the UAE. This collaboration marks Emirates NBD as the first banking group in the region to engage a ratings agency to support trading in the voluntary carbon market, leveraging the BeZero Carbon Markets platform.
BeZero Carbon specializes in providing a risk-based assessment tool that helps clients understand the potential of carbon projects to avoid or remove CO2 emissions.
Their ratings system, ranging from ‘AAA’ to ‘D’, informs stakeholders of the quality of carbon credits. Emirates NBD, on the other hand, will utilize these insights through its newly established carbon trading desk, enhancing the bank’s service offerings in environmental, social, and governance (ESG) criteria.
This initiative will integrate BeZero’s carbon ratings into Emirates NBD’s trading strategies, offering clients and the bank itself a rigorous, scientific basis for evaluating carbon credits. This is especially critical as the UAE pushes forward with its carbon market initiatives, including the Dubai Financial Market’s pilot program for trading carbon credits.
The UAE has committed to achieving Net Zero emissions by 2050. The partnership between BeZero Carbon and Emirates NBD is set to play a pivotal role in this endeavour by improving the reliability and transparency of carbon credit transactions, which are essential for funding effective climate solutions.
BeZero CEO and co-Founder Tommy Ricketts 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.”
Emirates NBD Chief Sustainability Officer and Group Head of ESG Vijay Bains 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.”
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