Abu Dhabi state fund Mubadala Investment Company has acquired a significant stake in Singapore-based carbon credit trading
platform AirCarbon Exchange (ACX) as part of the UAE's commitment to net-zero emissions by 2030, the fund told Reuters
Wednesday.
Mubadala's stake in AirCarbon was at least 20%, an unidentified source told Reuters, stating that the exchange has already
started building a team in Abu Dhabi and received regulatory approval from Abu Dhabi's financial free zone Abu Dhabi Global Market (ADGM).
Mubadala's acquisition will help companies in the UAE to trade and finance carbon credits, sources told Reuters. Carbon credits
are permits that allow the owning company to emit a pre-defined amount of carbon dioxide or other greenhouse gases, and if it
surpasses that amount, it can buy additional credits from others.
AirCarbon in February this year collaborated with ADGM to establish the first regulated carbon trading exchange and clearing house in the UAE, Reuters reported.
