The United Arab Emirates is developing a carbon registry that will measure companies’ progress in reducing emissions, and help set up a carbon credits trading program in the future.

The Middle East oil producer is working on the national registry that will involve various industries as the country targets net zero emissions by 2050, Minister of Climate Change & Environment Mariam Almheiri said Thursday. The plan may be formally announced during the COP28 gathering that starts later this month in Dubai, she said.

The UAE was the first Middle Eastern oil producer to declare a net zero target. The country’s role as host of the world’s most important annual climate conference has been criticized by environmentalists because oil remains central to the economy. It is also putting in large investments to boost output capacity further.

Almheiri said earlier this year that the UAE will focus on bolstering global efforts to mitigate carbon emissions and make funds available to finance green projects.

Read more: UAE Calls for ‘Aggressive’ Course Correction on Climate Change

The climate ministry has been consulting with businesses and residents to develop workable green programs. The carbon registry is also likely to be a first step to developing a nationwide trading program for carbon credits, Almheiri said.

The UAE will soon begin implementing initial laws and regulations to work toward net zero across industries like energy, transportation, construction and agriculture, she said.

Also read: UAE Sets Stricter Emission Target With 40% Reduction by 2030