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Jan Haizmann, Secretary General of the Zero Emissions Traders Alliance (ZETA), recently published a thought-provoking Op-Ed in ZAWYA, calling attention to the Gulf’s slow progress in developing credible carbon markets. His message is clear: failure to act now could cost the region both climate finance leadership and economic opportunity.
✅ The Closure of AirCarbon Exchange (ACX):
Haizmann points to the shutdown of ACX in Abu Dhabi as a missed opportunity for the UAE to establish itself as the leading carbon trading hub for the Middle East and Africa. The closure signals a lack of follow-through on early momentum.
✅ Saudi Arabia’s Early Moves:
While the launch of the RVCMC (Regional Voluntary Carbon Market Company) by Saudi Arabia marks an encouraging start, Haizmann argues it currently lacks the scale and regulatory depth needed to make the Kingdom a true regional leader.
✅ Fragmentation vs. Coordination:
The Gulf’s disjointed efforts stand in contrast to integrated systems in countries like Brazil, Singapore, and across the European Union, where policy, finance, and infrastructure work in sync to support carbon trading.
✅ Carbon Pricing as a Development Tool:
Haizmann reinforces that treating carbon as a tradeable asset is essential for financing decarbonisation in the Global South, where the availability of capital often determines the pace of green transition.
✅ The Case for Regional Collaboration:
The article calls for joint action across the Gulf to create a liquid, trustworthy carbon market, a critical step toward long-term climate credibility and access to global carbon finance flows.
“With carbon on track to become a trillion-dollar asset class by the mid-2030s, the Gulf cannot afford to sit out.”
Read the full Op-Ed on ZAWYA 👉 https://www.zawya.com/en/projects/industry/gcc-missing-the-mark-on-carbon-markets-urp3o2a3
