PIF announces the establishment of the regional voluntary carbon market company

PIF announces the establishment of the regional voluntary carbon market company

- 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

- The company’s announcement will help facilitate the efforts of the world’s largest- carbon credit auction on the 25th of October at the 6th Edition of FII

- The auction will involve a total of one million tons of carbon credits and will offer high-quality credits

RIYADH – The Public Investment Fund (“PIF” or the “Fund”) announced today the establishment of the Regional Voluntary Carbon Market Company, where PIF holds an 80% stake and Saudi Tadawul Group Holding Company (“Saudi Tadawul Group”) holds a 20% stake in the company. 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.

Today’s news follows the announcement of the Voluntary Carbon Market (“VCM”) Initiative by PIF and Saudi Tadawul Group in September 2021, where His Royal Highness Crown Prince Mohammed bin Salman, Chairman of PIF, stated Saudi Arabia’s leading role in contributing to the reduction of the