Logo of The Public Investment Fund
The Public Investment Fund (PIF) announced today, Oct. 24, the establishment of the Regional Voluntary Carbon Market Co., where PIF holds an 80% stake and Saudi Tadawul Group Holding Co. (Saudi Tadawul Group) holds the remaining 20% interest.
In a statement obtained by Argaam, the fund said the company will offer guidance and resourcing to support businesses and industry in the region as they play their part in the global transition to net zero, ensuring that carbon credit purchases go above and beyond meaningful emission reductions in value chains.
The PIF and Saudi Tadawul Group in September 2021 announced the Voluntary Carbon Market (VCM) Initiative, to contribute to the reduction of the climate change impact and encourage institutions to reduce their carbon emissions as part of several initiatives that were launched in that regard.
Headquartered in Riyadh, the company’s announcement will help facilitate the efforts of the world’s largest-ever carbon credit auction on Oct. 25 at the 6th Edition of the Future Investment Initiative (FII) in Riyadh. The auction will involve a total of one million tons of carbon credits and will offer high-quality credits including CORSIA compliant, Verra registered certificates.