BeZero Carbon, a British company providing organizations with carbon data, analytics, and project ratings, has partnered with Emirates NBD, a banking group in the Middle East, North Africa, and Turkey (MENAT) region, to support carbon due diligence and scale the UAE carbon market.

The partnership enables Emirates NBD to become the first banking group in the region to use a rating agency for voluntary carbon market trading. Emirates NBD will leverage BeZero Carbon's platform, which hosts over 440 carbon credit project ratings, to provide its clients with comprehensive, science-based risk assessments of carbon projects.

This partnership aims to increase the transparency and quality of carbon credit ratings in the UAE, supporting the country's commitment to achieving net-zero emissions by 2050 and helping to scale the region's emerging carbon market.

Analyst QuickTake: Earlier this month , BeZero Carbon awarded its first AAA rating to Climeworks' Orca project in Iceland. This rating indicates the highest likelihood of the project removing and safely storing one ton of CO2 from the atmosphere. This is BeZero's highest rating for the first publicly rated Direct Air Capture with Carbon Storage (DACCS) project.