Saudi Arabia sets up carbon market firm to support net zero goal

Saudi Arabia sets up carbon market firm to support net zero goal

Saudi Arabia’s sovereign wealth fund started a voluntary carbon market firm and plans to auction a million tons of credits, supporting the kingdom’s net zero target.

The Public Investment Fund said it started the Regional Voluntary Carbon Market Company with Saudi Tadawul Group. The new company aims to help facilitate the auction on October 25, the first day of the three-day Future Investment Initiative in Riyadh, a summit seeking to attract billions of dollars to Saudi Arabia.

#PIF announces the establishment of the Regional Voluntary Carbon Market Company, in which PIF holds an 80% stake and @tadawul_group holds a 20% stake. The company will support businesses as they play their part in the transition to net zero. Learn more: https://t.co/AjO0JhwjCJ pic.twitter.com/Q1Ca6VmsX9 — Public Investment Fund (@PIF_en) October 24, 2022

“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,” according to a statement.

Tuesday’s auction will offer high-quality credits including Corsia-compliant, Verra-registered certificates, it said. Corsia is a program run by the International Civil Aviation Organization, or on some commodities exchanges, which