Saudi PIF Supports Regional Voluntary Carbon Market Company
Posted on 10/24/2022
Saudi Arabia’s Public Investment Fund (PIF) revealed the creation of the Riyadh-based Regional Voluntary Carbon Market Company in collaboration with Saudi Tadawul Group, the stock exchange operator.
PIF would hold an 80 percent stake in the new entity, with the remaining shares held by Tadawul.
The Regional Voluntary Carbon Market Co. will help facilitate a carbon credit auction to be held at the 6th Future Investment Initiative summit, which opens in late October 2022, involving 1 million tons of carbon credits, the PIF said. Voluntary carbon markets allow carbon emitters to offset their emissions by purchasing carbon credits.
The creation of VCM was announced in September 2021 by Saudi Crown Prince Mohammed bin Salman as part of a series of initiatives adopted by the Kingdom to reduce emissions and tackle climate change.
