Saudi Arabia’s Regional Voluntary Carbon Market Co. (RVCMC) has announced a global carbon trading meeting set to convene in the Kingdom’s capital Riyadh during the Future Investment Initiative (FII) next week, where industry leaders from Latin America, Asia, Africa, and Oceania will explore the positive influence of carbon trading on climate change.
The gathering, entitled Global South Carbon Markets Conference – Riyadh Edition, anticipates the COP28 summit and will be hosted on October 26 by RVCMC in collaboration with S&P Global Commodity Insights.
Prominent speakers at the conference will deliberate on the favorable effects of carbon trading on climate change, the significance of credits in the global south, and the role of Islamic finance in expediting green market expansion, RVCMC said in an announcement Tuesday.
Rania Nashar, Chairwoman of RVCMC, emphasized the pivotal role of carbon trading in combatting climate change, aiming to unite Global South voices to establish common objectives for COP28.
Launched in October 2022, RVCMC is a joint venture, predominantly owned by Saudi Arabia’s Public Investment Fund (80%), with the remaining 20% held by the Tadawul Group.
RVCMC aspires to lead the global carbon credit sector by enabling emissions offset through carbon credits.
Relevant: Saudi Firms Buy Over 2 Million Tons Of CO2 Credits From Kenya At New Auction
Riham ElGizy, CEO of RVCMC, stressed the critical importance of carbon trading in addressing climate change risks.
She highlighted the potential of carbon trading to facilitate the export of voluntary carbon credits from the Global South while providing the necessary financial resources for development and climate change mitigation.
Earlier this month, during the Middle East and North Africa Climate Week (MENA CW 2023), ElGizy told Arab News that RCVMC intends to launch a carbon credit exchange platform in the latter half of 2024.
This platform will include a spot market for price discovery and an over-the-counter marketplace for suppliers, thus enabling RCVMC to offer three distinct avenues for participation in carbon credit trading.
Read more: Saudi Arabia Launches Carbon Market Company
