Saudi firms bid for 2 million tons of carbon credits in Kenya auction

Saudi firms bid for 2 million tons of carbon credits in Kenya auction

More than a dozen companies, mainly from Saudi Arabia, are bidding on 2 million tons of carbon credits as the Kenyan capital hosts what organizers have billed as the world’s largest sale of its kind.

For the latest headlines, follow our Google News channel online or via the app.

Demand for carbon offsets, generated through projects such as tree planting or using cleaner cooking fuel, is expected to grow as companies seek to use the credits to help meet net-zero emissions goals.

The auction in Nairobi is being conducted by the Regional Voluntary Carbon Market Company (RVCMC), which was founded by the Saudi Public Investment Fund and Saudi Tawadul Group.

The certified credits that are sold will fund either projects that avoid emissions by using sustainable technologies or remove carbon from the atmosphere, RVCMC said in a statement.

Bidders at the auction include Saudia Airlines, RVCMC CEO Riham ElGizy told Reuters, since the certification of the credits includes offsetting airline emissions.

RVCMC, which held its first auction of 1.4 million tons of carbon credits in Riyadh last October, said it chose Kenya to highlight the need for investments in climate projects.

Although the East African nation is a small emitter, contributing to less than 1 percent of