Sheikh Ahmed Dalmook al-Maktoum, a prominent member of Dubai’s ruling family, has gained significant attention in the carbon markets this year. His involvement through the company Blue Carbon has resulted in carbon offsetting deals covering extensive African forest areas, potentially holding substantial future value.
These deals encompass approximately a fifth of Zimbabwe, 10% of Liberia, 10% of Zambia, and 8% of Tanzania, collectively spanning an area comparable to the size of the UK. Additional agreements are anticipated. However, concerns have emerged from insiders and potential stakeholders, raising questions about al-Maktoum’s past business ventures. His involvement in selling Russia’s Sputnik V vaccine at premium prices during the pandemic has sparked controversy. There are also associations with a Blue Carbon adviser with a fraud conviction in Italy.
If finalised, these agreements would integrate the vast forest areas and their biodiversity into al-Maktoum’s diverse portfolio, which includes e-sports, real estate, and fossil fuel infrastructure. The carbon credits generated could be traded by countries seeking to fulfil their Paris Agreement commitments by obtaining carbon reductions and removals from external sources.
Amid the Covid-19 pandemic, al-Maktoum played a role in vaccine sales, acting as a dealmaker for Russia’s Sputnik V vaccine with åcountries like Ghana, Guyana, Lebanon, and Pakistan. However, challenges arose, with delivery failures and vaccine costs causing uproar. In response to criticism, al-Maktoum refunded $2.85 million received from Ghana as part of the deal.
When questioned about his involvement in vaccine sales, both Blue Carbon and al-Maktoum’s office declined to comment, emphasising Blue Carbon’s focus on carbon methodologies aligned with the Paris Agreement.
Despite lacking prior experience in nature conservation projects, al-Maktoum has shifted his focus to carbon trading. The timing of his endeavours coincides with increased scrutiny of carbon markets, especially concerning their role in addressing climate change and biodiversity loss. Experts caution that weak regulations in the official carbon market could result in the trading of ineffective credits, allowing countries to claim environmental responsibility while contributing to global warming.
Christopher Davidson, an expert in Middle East politics, suggests that al-Maktoum’s business dealings likely have the approval of the UAE government. He highlights the urgency for the UAE to diversify its economy away from fossil fuels, with the environmental industry seen as a crucial component of this diversification effort. There is need for clarity on what these deals mean for the African countries involved in the selling of such huge tracts of land.