Prince Abdulaziz launches market mechanism to offset and balance greenhouse gases – Saudi Gazette

Prince Abdulaziz launches market mechanism to offset and balance greenhouse gases – Saudi Gazette

Saudi Gazette report

SHARM EL-SHEIKH — Energy Minister Prince Abdulaziz Bin Salman announced the launch of a market mechanism to offset and balance greenhouse gases "Carbon Equivalent".

The launch of the market mechanism would target the issuance of carbon certificates to stimulate the investments in projects to reduce the greenhouse gas emissions in all the sectors in Saudi Arabia.

Prince Abdulaziz’s announcement came during two main forums, one of them was during the second edition of the Saudi Green Initiative that is being held in Sharm El-Sheikh which is hosting the COP27 Summit, while the second one was during the summit’s activities.

The National Committee for the Clean Development Mechanism, which is the body responsible for issuing carbon certificates in Saudi Arabia, has followed the international best practices to come up with the market mechanism.

The National Committee has also took into account the national and regional circumstance by applying a holistic approach to the circular carbon economy, which adopts all the solutions to reduce the carbon emissions that were approved by the G20 in Riyadh Summit in 2020.

The announcement of the market mechanism also comes in line with Saudi Arabia's climate goals and ambitions, which represent the Nationally Determined Contributions, as it targets to