Saudi Tadawul Group Holding Co. in participation with the Public Investment Fund (PIF) announces the establishment of the Regional Voluntary Carbon Market Company

Saudi Tadawul Group Holding Co. in participation with the Public Investment Fund (PIF) announces the establishment of the Regional Voluntary Carbon Market Company

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|Announcement Detail|| Saudi Tadawul Group Holding Company (the “Group”) in participation with the Public Investment Fund (“PIF” or the “Fund”) announces the establishment of the Regional Voluntary Carbon Market Company (the “Company”), to offer guidance and resourcing to support businesses and industries 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.

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The Regional Voluntary Carbon Market Company’s capital will amount to SAR 500 million, where PIF hold 80% stake and the Group hold 20% stake in the company, and it will be headquartered in Riyadh, Kingdom of Saudi Arabia.

The Regional Voluntary Carbon Market Company’s announcement will help facilitate the efforts of the world’s largest-ever carbon credit auction today October 25, 2022 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.

The financial impact of the Group's stake in the company expected to contribute positively on the Group’s financial results, following the commencement of its commercial operation.

It’s worth to be mentioned that the Public