Dubai: According to the UAE National strategy 2021, the Ministry of Energy should lead the efforts to reduce carbon dioxide (CO2) emission by 15 per cent by 2021, Meshayel Lehsooni, head of climate change in the Ministry of Energy, said.
“Many countries use non-market mechanisms, such as carbon tax regimes, to promote the uptake of environmentally friendly technologies. The UAE doesn’t have such a system of corporate taxation, making it more difficult to pursue a fiscal approach,” said Ivano Iannelli, CEO of the Dubai Carbon Centre of Excellence. “However, the UAE is not simply standing by, waiting for an agreement to be reached. It is taking a proactive approach towards developing a long-term carbon market strategy.”