The United Arab Emirates will lease millions of hectares of land across five African nations in the world’s most ambitious carbon offset program.<\/p>\n\n\n\n
Under the deal, UAE-backed companies will secure forests the size of the UK as the state looks for offsets to drive its green hydrogen transition.<\/p>\n\n\n\n
As reported on Tuesday<\/a>, the UAE has emerged as a regional “green power”, with the Gulf State spending more than US $160 Billion as part of its commitment to achieve net zero by 2050. Significantly, it will develop the world’s largest carbon credit exchange, with ambitions to become the global centre for carbon financing.<\/p>\n\n\n\n Wood Central understands that the UAE is looking at REDD+ projects, where developing countries receive results-based payments for emission reductions when they reduce deforestation. <\/p>\n\n\n\n Supporters of projects claim that it provides a vital tool to fund the protection of forests, particularly as other sources of climate finance have failed to scale. Opponents argue that it lacks accountability, with Wood Central reporting that some of Australia’s largest companies were tied up in the Kariba REDD+ Forest Project – Zimbabwe’s second-largest REDD+ project.<\/a><\/p>\n\n\n\n