Flynas, the leading low-cost airline in the Middle East, has signed a cooperation agreement with the Regional Voluntary Carbon Market Company (RVCMC), a venture of Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, and Saudi Tadawul Group.
The partnership is aimed at supporting carbon offsetting, environmental protection, and sustainability efforts aligned with Saudi Arabia’s target of achieving net-zero emissions by 2060, regional business and financial news source MENAFN reported on Wednesday.
The agreement outlines a framework for collaboration on the voluntary carbon market (VCM) and participation in RVCMC’s upcoming carbon credit trading platform, set to launch in November 2024.
This initiative aligns with flynas’s sustainability strategy, which emphasizes long-term environmental, social, and economic impact.
RVCMC’s mission is to establish a global VCM centered in Saudi Arabia, providing businesses with high-quality carbon credits and tools for meaningful climate action.
Relevant: RVCMC Selects Xpansiv For Credit Exchange In Saudi Arabia
By creating a carbon credit trading platform and offering advisory services, RVCMC is building an ecosystem to support local industries in reducing carbon footprints.
flynas’s commitment to sustainability also includes its recent enrolment in the United Nations Global Compact, making it the first low-cost carrier in the Middle East to integrate the UN Sustainable Development Goals (SDGs) into its core strategy and operations.
Additionally, flynas has joined the United Nations World Tourism Organization (UN Tourism, or UNWTO), furthering its ability to promote sustainable tourism globally.
In a complementary partnership, flynas has teamed up with the Saudi Investment Recycling Company (SIRC) to explore innovative recycling solutions for handling waste, including oils, plastics, and batteries.
Read more: Saudi Arabia Announces Carbon Capture And Utilization Challenge For Startups
