COP 29 Baku, Azerbaijan — November 19, 2024;  Ahya Technologies (Middle East) announces a strategic partnership with Cloverly, Inc (US) (backed by SoftBank) to strengthen Ahya’s digital voluntary carbon marketplace called Tawazun, as a trusted platform for climate action in the MENAP region.

‍The collaboration between Tawazun and Cloverly, a leading US and EU-based provider of carbon offset solutions, aims to improve carbon market access, and increase trading activity in the MENAP region. By helping buyers and sellers access high-quality, verifiable international carbon offset projects, Tawazun is helping simplify investment in impactful climate action.

‍A global consensus and shift towards carbon dioxide removal (CDR) endorsed by the global regulator for voluntary carbon markets The Integrity Council for the Voluntary Carbon Market (ICVCM) has created a high-demand to technology-based carbon capture and storage (TCCS) and nature-based sequestration (NBS) credits, verified under global standards (such as Puro Earth, Verra or Gold Standard).

‍Global demand for voluntary carbon credits (VERs) is expected to surge 15-fold by 2030, reaching 1.5 to 2 GtCO₂e annually. By 2050, demand could rise 100-fold, reaching 7 to 13 GtCO₂e. The market size will vary based on pricing and regulatory factors, with conservative estimates valuing it between USD 5–30 billion, and optimistic projections up to USD 50 billion.

‍This partnership comes on the week of the announcement of Riyadh-based Voluntary Carbon Market (a subsidiary of the Public Investment Fund of Saudi Arabia) digital exchange platform as well as the launch of the Government of Pakistan’s National Carbon Market Policy, at COP-29, hosted in Baku, Azerbaijan.

‍“We believe that voluntary carbon markets play a pivotal role in achieving net-zero emissions for enterprises. At Tawazun, we are focussed on being the fastest to value, providing access to global high-quality projects in carbon dioxide removal (NBS, TCCS, CCUS) accredited by global standards. As well as providing MENAP project developers access to climate finance and foreign direct investment (FDI), which shall be further enhanced through our partnership with Cloverly” said Salaal Hasan, CEO of Ahya.

‍As the MENAP region’s enterprises, particularly in export-based industries, chemicals, manufacturing, banking and hard-to-abate industries face a regulatory tsunami, the demand for credible, high-quality, carbon credits has substantially increased. Frontier markets in Pakistan and Egypt are already host to some of the most successful CDR projects globally, such as Delta Blue Carbon, which has attracted interest from technology giants like Microsoft.

‍“At Cloverly, we’re thrilled to partner with Ahya to expand access to high-quality, verified carbon projects through Tawazun. This collaboration reflects our shared commitment to fostering transparency and scalability in the voluntary carbon markets, empowering MENAP businesses to take meaningful climate action while connecting global projects with new opportunities” added Jason Rubottom, CEO of Cloverly.

‍The partnership underscores a shared mission to enable the global transition to net-zero with accuracy, transparency and equitable economic growth.