What is the MENA carbon market?
The trading of carbon credits and allowances across the Middle East and North Africa. The regional voluntary market was worth about $107.5 million in 2023 and is growing roughly 27% a year, led by Saudi Arabia's RVCMC and the UAE's regulated exchange ACX, with national schemes emerging in Egypt and across the Gulf.
Who runs carbon markets in the Gulf?
Saudi Arabia's RVCMC, owned by the Public Investment Fund and Tadawul, runs the voluntary market. In the UAE, ADGM regulates credits as financial instruments and ACX operates the first fully regulated carbon exchange and clearing house. Egypt launched a regulated voluntary market under its Financial Regulatory Authority.
Does the UAE require carbon emissions reporting?
Yes. The UAE Federal Climate Law (Decree-Law No. 11 of 2024) took effect in May 2025 and requires all entities, including those in free zones, to report emissions and submit reduction plans, with full compliance by 30 May 2026 and penalties up to AED 2 million. It is the first binding corporate climate law in MENA.
What is the difference between removal and avoidance credits?
A removal credit represents carbon taken out of the atmosphere (tree planting, soil carbon, mangroves, direct air capture). An avoidance credit represents emissions prevented (protecting a forest or wetland). Buyers increasingly favour removals for higher integrity, and they typically command higher prices.
What carbon capture projects are in the Gulf?
Aramco's Jubail hub targets 9 Mtpa by 2027 and up to 44 Mtpa by 2035. ADNOC's Habshan captures 1.5 Mtpa toward a 10 Mtpa 2030 target. QatarEnergy's Ras Laffan targets over 11 Mtpa by 2035. Oman's 44.01 runs the world's first commercial peridotite mineralisation project, producing permanent removal credits.
What is Sifr Collection?
A carbon market intelligence platform for the Middle East and North Africa, providing reference prices, project tracking, policy intelligence and soil and geospatial data across 12 nations. It is an information platform, not a trading venue, broker or marketplace.