Saudi PIF establishes Regional Voluntary Carbon Market Company with Saudi Tadawul Group

Saudi PIF establishes Regional Voluntary Carbon Market Company with Saudi Tadawul Group

Saudi Arabia's Public Investment Fund on Monday announced the establishment of the Regional Voluntary Carbon Market Company with Saudi Tadawul Group Holding Company.

The kingdom's sovereign wealth fund in a statement said it will hold 80% stake of the company while Tadawul Group will hold the other 20%.

The Riyadh-headquartered company will help facilitate a carbon credit auction to be held at an investment forum in the kingdom on Tuesday involving 1 million tones of carbon credits, the fund added.

(Reporting by Nayera Abdallah and Yomna Ehab; Editing by Mark Porter)