2023-05-31 18:25:24
The Regional Voluntary Carbon Market Company (RVCMC) is conducting the world’s largest sale of voluntary carbon credits at an auction in Nairobi, Kenya, on June 14, 2023.
The event witnesses the presentation of more than two million tons of high-quality carbon credits to more than 15 companies from Saudi Arabia and abroad. Buyers can use the credits to offset the impact of their carbon emissions and support their role in the global transition to carbon neutrality.
Nairobi was chosen as the location for the event to help demonstrate the role that voluntary carbon markets can play in bringing investment to emerging economies and attracting financing for African carbon credits.
carbon balances
The Regional Voluntary Carbon Market Company was established by the Saudi Public Investment Fund and the Saudi Tadawul Group, with the mission to create a robust and successful market for the generation and use of voluntary carbon credits in the MENA region and to play a meaningful role in helping the transition to a low-carbon global economy.
The Saudi company had held an auction to sell carbon credits in October 2022, which witnessed the sale of 1.4 million tons of carbon credits, which is enough to offset the annual emissions of regarding 250,000 family cars.
Carbon credits are created through projects that either avoid generating emissions, for example by using renewable or energy-efficient technologies, or by capturing and storing emissions from the atmosphere, known as decarbonization.
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