KSA Business: OFC participates in Voluntary Carbon Market auction – Gulf Digital News

KSA Business: OFC participates in Voluntary Carbon Market auction – Gulf Digital News

Olayan Financing Company (OFC) participated in a special carbon credit auction in the Voluntary Carbon Market (VCM) held at the Future Investment Initiative, the first initiative to be held in the Middle East and North Africa region.

Along with Saudi Aramco and the Saudi Arabian Mining Company (Ma’aden), OFC bought some of the largest shares of the carbon credits available at the auction. The VCM offers support to businesses and entire sectors in the region to help them contribute to the international transformation towards net zero, as well as collateralising their carbon credit purchases to minimise carbon emissions across value chains.

A total of 15 leading national and regional entities participated in the auction, during which 1.4 million tons of carbon credit were traded. The VCM offers quality carbon credit certification that meets the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) standards in Verra’s Verified Carbon Standard (VCS) Program.

Nabeel Al-Amudi, CEO of Olayan Financing Company, said: “As global warming grows increasingly severe, it is more critical than ever to seek out not only effective, but innovative ways to combat climate change. The Public Investment Fund’s Voluntary Carbon Market is a major step toward a more