Saudi Arabia Launches Carbon Market Company

Saudi Arabia Launches Carbon Market Company - Carbon Herald
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The sovereign wealth fund in Saudi Arabia has just announced the launch of a voluntary carbon market company with the aim of supporting the country’s strategy to reach net-zero emissions by 2050.

Called the Regional Voluntary Carbon Market Co., it plans to auction one million tons of carbon credits and the auction is set to be facilitated today, October 25.

Today also marks the first of three days, during which Riyadh will host the Future Investment Initiative, which is a conference that seeks to attract multi-billion dollar investments to Saudi Arabia, including via the voluntary carbon market. 

In a statement regarding the launch of the new firm, the Public Investment Fund emphasized on the company’s goal to make sure “carbon credit purchases go above and beyond meaningful emission reductions in value chains.”

The auction will feature high-quality carbon credits, registered with Verra and compliant with the CORSIA program, which is run by the International Civil Aviation Organization.

Read more: AI To Pave The Way To Saudi Arabia’s Low-Carbon Future

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