UAE launches first carbon emissions trading
(MENAFN) An initiative for launching the region's first-of-its-kind form of trading in emissions that specifically targets carbon dioxide by them UAE's Securities and Commodities Authority (SCA).
With the UAE ports now considered a main destination for a large number of international air carriers, the initiative shows the significant growth in passenger and cargo air traffic in the country.
Under the carbon trading, a country having more emissions of carbon is able to purchase the right to emit more and the country having less emission sells the right to release carbon to other countries, stated the report.
The initiative is part of a roadmap being reflected by the SCA, the results of which will be publicized shortly, to ensure maintainable financial markets complying with world standards, stated the Authority.
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