Dubai: A Dubai-based firm, HBK DOP, is part of a new initiative that will launch an online carbon credits exchange in Africa, where transactions will be collated using blockchain technology. The other partners are Nexum Foundation and The Climate Group Africa, based in Kenya.
The initiative - Carbon Exchange Africa - will, in particular, try to create carbon credit programmes for the shipping and oil industries. “Shipping is considered a major polluter - that might not be a fair characterization considering that it facilitates more than 80% of the global trade,” said Panagiotis Georgolios, Nexum Foundation’s founder. “Irrespectively, the shipping industry will need carbon credits.
“This initiative allows the foundation a strategic position in the carbon credit industry and supports our mission to promote the tokenization process of assets and services with tangible economic fundamentals and valuable offerings in the maritime world.”
The three will develop an online carbon credits exchange that will act as the 'exclusive market conduit' for carbon credits awarded to The Climate Group Africa through its activities. Their aim is through this new platform to 'facilitate and promote the tokenization process of the carbon credit industry'.
HBKDOP - which stands for Hamad Bin Khalifa Department of Projects - was launched to take on sustainability-themed projects in the region and beyond. Recently, Abu Dhabi Global Market announced that it is taking the lead in launching the Middle East’s first exchange that will deal in carbon credits.
HBK DOP has its primary interests in the infrastructure space, linked to projects in energy and agriculture as well as financial services. The renewables sector is of ‘particular interest’.
“We have shifted our focus to a variety of projects, including those which actively remove emissions,” said Anwar Hussein, CEO of HBK DOP Group. “Supporting the carbon future science-based approach with our joint partners delivers a vital element, traceability and transparency.”