Carbon credits are sold by governments to businesses, and can be resold on the regulated carbon credit market. Carbon offsets are sold on the voluntary carbon credit market by organizations, projects, or individuals to fund their green projects.
Sheikh Ahmed Dalmook al-Maktoum, chairman of the company Blue Carbon, which is behind a series of carbon offsetting deals covering enormous areas of African forest, which could one day be worth billions. Photograph: Courtesy of The Private Office
Few people have made as big an impact in the carbon markets this year as Sheikh Ahmed Dalmook al-Maktoum. The young member of Dubai’s ruling royal family is behind a series of carbon offsetting deals covering enormous areas of African forest, which could one day be worth billions.
Through the United Arab Emirates-based company Blue Carbon, the sheikh’s deals cover a fifth of Zimbabwe, 10% of Liberia, 10% of Zambia and 8% of Tanzania, collectively amounting to an area the size of the UK – and more are expected.
But concerns have been raised by those close to the agreements, as well as those potentially impacted by them, who did not want to be named. Those include questions about al-Maktoum’s previous business ventures, including his role in deals to sell Russia’s Sputnik V vaccine at a premium during the pandemic, and a Blue Carbon adviser who is a convicted fraudster in Italy.
Sheikh Ahmed Dalmook al-Maktoum, chairman of the company Blue Carbon, which is behind a series of carbon offsetting deals covering enormous areas of African forest, which could one day be worth billions. Photograph: Courtesy of The Private Office
Few people have made as big an impact in the carbon markets this year as Sheikh Ahmed Dalmook al-Maktoum. The young member of Dubai’s ruling royal family is behind a series of carbon offsetting deals covering enormous areas of African forest, which could one day be worth billions.
Through the United Arab Emirates-based company Blue Carbon, the sheikh’s deals cover a fifth of Zimbabwe, 10% of Liberia, 10% of Zambia and 8% of Tanzania, collectively amounting to an area the size of the UK – and more are expected.
But concerns have been raised by those close to the agreements, as well as those potentially impacted by them, who did not want to be named. Those include questions about al-Maktoum’s previous business ventures, including his role in deals to sell Russia’s Sputnik V vaccine at a premium during the pandemic, and a Blue Carbon adviser who is a convicted fraudster in Italy.
Tanzania signs major carbon credit deal covering national parks
The carbon credits project will be implemented in six national parks, which span 1.8 million hectares.