2023-06-15 12:10:00
A subsidiary of PIF and Tadawul conducts the largest auction of voluntary carbon credits
In an interview with Al-Arabiya, Reham Al-Gizi, CEO of the regional voluntary carbon market, revealed plans to launch the trading platform for the voluntary carbon market in the first half of next year 2024.
Al-Gizi said that the “Regional Voluntary Carbon Market” company has implemented two auctions for the sale and trading of carbon credit credits, within the framework of exploring the market.
She added that the company was established only 6 months ago, and we succeeded in launching the first auction in Riyadh in October to sell 1.4 million tons of carbon credits, and the second in the Kenyan capital to sell 2.2 million tons of voluntary carbon credits.
Saudi companies bought more than 2.2 million tonnes of carbon credits on Wednesday following the Kenyan capital hosted what event organizers described as the world’s largest sale of its kind.
Demand for carbon offsets, which are generated through projects such as afforestation or the use of clean cooking fuels, is expected to grow as companies seek to use the credits to help them meet net zero targets.
About 16 Saudi companies, including Aramco and the Saudi Electricity Company, paid 23.50 Saudi riyals ($6.27) per metric ton of carbon credits, the regional voluntary carbon market, organizer of the auction, said.
The Saudi Public Investment Fund and the Saudi Tadawul Group are the founders of the regional voluntary carbon market company.
The company stated that the credits sold at auction are certified and result from projects that avoid emissions by using sustainable technologies or removing carbon from the atmosphere.
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