In Short : A UAE farm capitalizes on carbon credits, earning $5.53 million. This successful venture likely involves implementing carbon offset projects, contributing to sustainable practices and showcasing the economic potential of environmental stewardship.
In Detail : A novel farm project in the UAE has just announced it sold 5 million euros (~$5.53 million) worth of carbon credits.
The new agricultural project called ‘David & Goliath’ farms is one of the many signs of the nation’s commitment to building a sustainable future.
The project features so-called vertical farms, equipped with the most cutting-edge technology, including tech-forward greenhouses and automated irrigation systems, and is focused on growing exotic fruits.
In addition to functioning as a farm, the ‘David & Goliath’ agricultural project also generates carbon credits from the amount of avoided CO2 emissions, which forms a significant share of the farm’s revenue.
Namely, carbon credits account for some 750,000 euros (~$833,430) in annual revenue, says project investor Dr. Lal Bhatia.
This amount corresponds to the annual carbon credit capacity of 15,000 metric tons, each of which is traded at 50 euros (~$55.56).
The ‘David & Goliath’ farms have already secured sales of carbon credit futures, selling future carbon removals.
Dr. Bhatia also highlighted the importance of a supportive environment necessary to achieve such advancements in both agriculture and sustainability.
The UAE has been heavily invested in bolstering various climate initiatives across a range of sectors, spanning from energy to agriculture and beyond, particularly in the light of hosting the latest UN climate summit COP28, which ended earlier this month.