AirCarbon launches its carbon market on ADGM: Singapore’s AirCarbon Exchange (ACX) has launched its carbon market on the Abu Dhabi Global Market (ADGM), according to a statement released last week. The inaugural carbon credits trade on the fully regulated exchange was undertaken by the UAE’s First Abu Dhabi Bank and EU-backed Helix Climate.

We knew this was in the works: The UAE said it intended to launch regulating carbon credit trading exchanges and clearing houses ahead of COP28 back in July. Earlier in June, the UAE Independent Climate Change Accelerators launched the UAE Carbon Alliance in partnership with ACX in a bid to establish a framework for carbon markets. The alliance was launched a year after the Abu Dhabi Global Market said it was working with ACX on launching the world’s first fully regulated carbon trading exchange.

ACX has already established a MENA foothold: The company already established its regional office in the UAE back in 2021 with backing from UAE VC Hub71, the statement notes. Hub71 is funded by state-owned investment firm Mubadala Investment Company, which acquired a stake in ACX last November.