Saudi PIF Establishes Regional Voluntary Carbon Market Company

Saudi PIF Establishes Regional Voluntary Carbon Market Company

The Public Investment Fund (PIF) announced the establishment of the Regional Voluntary Carbon Market Company, where PIF holds an 80% stake and Saudi Tadawul Group Holding Company 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.

PIF and Saudi Tadawul Group announced earlier in September 2021 the Voluntary Carbon Market (VCM) Initiative, as the Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Board of Directors of PIF, hailed Saudi Arabia’s leading role in contributing to the reduction of the impact of climate change.

Headquartered in Riyadh, the company’s announcement will help facilitate the efforts of the world’s largest-ever carbon credit auction on the 25th of October at the 6th Edition of the Future Investment Initiative (FII).

The auction will involve a total of one million tons of carbon credits and will offer high-quality credits including CORSIA compliant, Verra registered certificates.

Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments