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    The Middle East’s First Regulated Carbon Credit Fund is Launched at ADFW, Offset8 Capital Secures ADGM’s In-Principle Approval

    ADGM 29/11/2023
    Disclaimer: This is an external communication and is not an official statement or announcement from ADGM.

    Offset8 Capital Limited ("Offset8"), a proprietary asset management firm specializing in the global verified carbon credits (“VCC”) market, is pleased to announce the grant of an In-Principle Approval (“IPA”) by the Financial Services Regulatory Authority (“FSRA”) of the Abu Dhabi Global Market (ADGM) to conduct the Regulated Activities of Arranging Deals in Investments and Advising on Investments or Credit.

    The IPA is an important milestone in Offset8’s journey to becoming the first ADGM-established, headquartered, and regulated advisory business providing a comprehensive suite of VCC-related advisory services. While The IPA does not constitute the issuance of a Financial Services Permission to carry on Regulated Activities in or from the ADGM (“FSP”), Offset8 is working diligently to fulfil all the IPA conditions and to meet FSRA's stringent requirements to receive the FSP.

    In a related development, FundRock Investment Management Service (ME) Ltd (“FundRock”), a fund management company licensed by the FSRA, has lodged a notification with the FSRA to manage a carbon credit fund sponsored by Offset8. Subject to receipt of the FSP, Offset8 will act as an advisor to FundRock in relation to the fund.

    The fund is to become the Middle East’s first regulated investment fund focused on VCC-related investments. The fund intends to finance climate change mitigation and adaptation projects, with a focus on nature-based solutions (mangrove restoration, reforestation and biochar). Of particular relevance will be projects that aim to support local communities in Africa and Southeast Asia and to contribute to both environmental conservation and sustainable economic development.

    Offset8 wishes to extend its sincere appreciation to FSRA for its instrumental role in this significant undertaking.

    The Co-Founders and Directors of Offset8, Jules Maitrepierre and Ivan Mozharov, remain committed to their vision and objectives as they navigate the journey ahead, stating “ADGM has become the first major international financial centre to adopt a comprehensive VCC regulatory framework, that, among other things, treats VCCs as Environmental Instruments. Such initiative, coupled with the recent laws and regulations governing Green and Transition Economy investment funds, has cemented ADGM’s role as a leader in the rapidly evolving global green finance industry. Receiving the FSP from the FSRA will empower Offset8 to participate in the further development of ADGM as the Global Green Finance hub.”

    Arvind Ramamurthy, Chief of Market Development at ADGM said: “We are delighted to welcome Offset8 to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable Offset8's vision, supporting them in driving innovation across climate change financing, further reaffirming ADGM’s position as the sustainable finance hub for the region and contributing to the continuous development of Abu Dhabi's vibrant financial landscape and its strategic value to global finance and the energy transition. We look forward to witnessing the positive impact of Offset8's expertise in contributing to the growth and development of the financial ecosystem in Abu Dhabi and beyond”.