The UAE is in the process of developing a carbon registry aimed at tracking companies’ efforts to reduce emissions, Bloomberg reported.

The country will also set up a carbon credits trading programme in the future, the report said.

The national registry, which will involve various industries, may be formally announced during the COP28, the news agency said, citing Minister of Climate Change & Environment Mariam Almheiri.  

The carbon registry is also likely to be a first step to developing a nationwide trading program for carbon credits, the minister said.

The UAE will shortly start implementing initial laws and regulations to work toward net zero across industries such as energy, transportation, construction and agriculture, the report said.

The UAE was the first oil producer in the Middle East to declare a net zero target by 2050.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)