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"Carbon Market" Signs Agreement to Reduce Emissions in Saudi Arabia

The regional "Voluntary Carbon Market" company and the National Committee for the Clean Development Mechanism have signed a memorandum of understanding aimed at supporting Saudi Arabia's climate action ambitions and strengthening its efforts to reduce carbon emissions.

The signing took place on the sidelines of the eighth edition of the "Future Investment Initiative" conference in Riyadh, in the presence of Saudi Energy Minister Prince Abdulaziz bin Salman and Governor of the "Public Investment Fund" Yasir Al-Rumayyan.

The agreement was signed by the company's chairwoman, Rania Nashar, and the committee's technical director, Maria Al-Jishi. The agreement emphasizes the importance of transparency and credibility provided by the agreement for carbon markets in the Kingdom.

This initiative aims to enhance high-integrity carbon credits, which are a key pillar in financing emissions reduction and removal projects, and to accelerate the transition towards low-carbon and more sustainable economies globally. This step reflects the Kingdom's commitment to addressing climate change, as it is one of the main global challenges. The Kingdom prioritizes reducing emissions to support its climate goals, according to the Saudi Press Agency.

The "Public Investment Fund" established the regional "Voluntary Carbon Market" company, with 80% ownership and 20% owned by the "Saudi Tadawul Group" holding company, to support companies and sectors in the region to enable them to reach net zero, in addition to ensuring the purchase of carbon credits for emissions reduction.