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).

Read more at carbonherald.com