PIF announces establishment of Regional Voluntary Carbon Market Company – Saudi Gazette

PIF announces establishment of Regional Voluntary Carbon Market Company – Saudi Gazette

Saudi Gazette report

RIYADH — Saudi Arabia’s Public Investment Fund (PIF) announced on Monday the establishment of the Regional Voluntary Carbon Market Company.

PIF, one of the largest and most impactful sovereign wealth funds in the world, holds an 80 percent stake while Saudi Tadawul Group Holding Company holds the remaining 20 percent stake in the company.

The company will 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.

It is noteworthy that PIF and Saudi Tadawul Group announced the Voluntary Carbon Market (VCM) Initiative in September 2021. Crown Prince and Prime Minister Mohammed bin Salman, who is also chairman of PIF, highlighted at that time Saudi Arabia’s leading role in contributing to the reduction of the impact of climate change and encouraging institutions to reduce their carbon emissions as part of several initiatives that were launched in this regard.

Headquartered in Riyadh, the new company’s announcement will help facilitate the efforts of the world’s largest-ever carbon credit auction on Tuesday at the 6th edition of the Future Investment Initiative (FII) in Riyadh. The auction