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    Seagrass, a global carbon marketplace and climate solutions company, launches in the United Arab Emirates

    ADGM 30/11/2023
    Disclaimer: This is an external communication and is not an official statement or announcement from ADGM.

    Seagrass Limited (“Seagrass”), a climate action company focussed on scaling climate impact and a wholly-owned subsidiary of E.ON, one of Europe’s largest operators of energy networks and energy infrastructure, announced its official launch today.

    Seagrass aims to unlock the potential of the carbon markets and transform carbon finance, which can make an important contribution to the net-zero transition. It will bring together supply from certified projects with large-scale demand from buyers with ambitious climate strategies on a centralised marketplace driven by technology, transparency and integrity.

    Seagrass will be based in the Abu Dhabi Global Market (ADGM) financial centre located in Abu Dhabi in the United Arab Emirates (UAE). It holds a license to arrange trades in environmental instruments from ADGM’s Financial Services Regulatory Authority.

    The UAE is positioned at the crossroads between the Global South – where many nature-based carbon credits are originated – and places where demand for these credits is expected to grow, including Europe and Asia. The UAE will also host COP28, with the development of high-quality voluntary carbon markets expected to be a key area of focus.

    “Carbon markets will play a crucial role in the transition to a sustainable world,” said Naveed Tariq, CEO of Seagrass. “They can deliver climate impact at scale to help us meet the 1.5°C Paris Agreement goal and be instrumental in providing the trillions of dollars needed to close the climate finance gap.”

    “Carbon markets will play a crucial role in the transition to a sustainable world,” said Naveed Tariq, CEO of Seagrass. “They can deliver climate impact at scale to help us meet the 1.5°C Paris Agreement goal and be instrumental in providing the trillions of dollars needed to close the climate finance gap.”

    “As the subsidiary of a large energy company, we know what buyers need: liquidity, ease of use and – above all – integrity,” he added. “Our ambition is to work with partners to build that market and deliver climate solutions that ultimately help us to restore the planet.”

    Arvind Ramamurthy, Chief of Market Development at ADGM said: “We are delighted to welcome Seagrass to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable Seagrass' vision, supporting them in driving innovation across rapidly developing carbon markets and contributing to the continuous development of Abu Dhabi's strategic value and equally to accelerating the UAE’s energy transition. We look forward to witnessing the positive impact of Seagrass' expertise in contributing to the growth and development of the financial ecosystem in Abu Dhabi and beyond.”

    To learn more about Seagrass, please visit: www.seagrass-climate.com