Tri-party partnership to launch online carbon credit exchange in Africa

By Arya M Nair, Official Reporter
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Carbon Emission
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Dubai-based Hamad Bin Khalifa Department of Projects (HBK DOP), the Singapore-based Nexum Foundation and the Climate Group Africa based in Kenya have partnered to launch an online carbon credit exchange in Africa, especially for the shipping and oil industries, where transactions will be reconciled using blockchain technology.

Under the partnership, the trio will develop an online carbon credits exchange that will act as the exclusive market conduit for the carbon credits awarded to The Climate Group Africa through its activities. They aim to facilitate and promote the tokenization process of the carbon credit industry.

HBKDOP is an establishment dedicated to executing infrastructure projects globally such as energy, agriculture, oil and gas, and financial services with a particular interest in the renewables sector. The Climate Group Africa Limited develops and trades climate-related projects in Africa and South America.

Anwar Hussein
Anwar Hussein

“We have shifted our focus to a variety of projects, including those which actively remove emissions. Ensuring climate action is truly effective and remains a top priority. Climate protection and innovation are among the fundamental building blocks for making our future sustainable. Supporting the carbon future science-based approach with our joint partners, delivering vital element, traceability and transparency, and hence the need for business and governments in working together towards building a sustainable society.”

Nexum Foundation’s Founder Mr. Panagiotis Georgolios stated that “We are excited with this new collaboration. Shipping is considered a major polluter. 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. We are also very happy that this effort will also support the local communities in Africa and allow them to receive real economic benefits”.

The Climate Group Africa’s CEO Mr. Michael Shamku said that “The pressure to act on climate change has become critical and has further driven commitment from those who have been reluctant to act on sustainability. We support African Governments to benefit from Global Climate Funds (GCF) grants, loans and technical assistance in specific areas such as forestry conservation efforts, improving adaptation and mitigation capacities within Africa.”

Related: Abu Dhabi to launch world’s 1st carbon credit trading exchange & clearing house