Saudi firm RVCMC oversees largest auction of voluntary carbon credits yet

Saudi firm RVCMC oversees largest auction of voluntary carbon credits yet

A Saudi company said it oversaw the sale of more than 2.2 million carbon offsets, in what it described as the largest auction of voluntary carbon credits held by anyone so far.

The credits were acquired by 16 Saudi and international companies. The biggest buyers were Aramco, Saudi Electricity Company and ENOWA (a subsidiary of NEOM), according to a statement made by Regional Voluntary Carbon Market Company, which hosted the auction in the Kenyan capital, Nairobi.

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The $2 billion carbon-credit market was rocked earlier this year by Zimbabwe’s plan to take half of all revenues generated from projects within its borders. That announcement and others like it have added uncertainty to the market as investors and a growing number of businesses turn to offsets to reduce their carbon footprints.

The basket of credits in the Nairobi auction includes 18 projects representing a mix of CO2 avoidance and removal, including projects such as improved clean cook stoves and renewable energy projects. Buyers who acquire the credits can use them to offset emissions connected to their business activity.

Three quarters of the carbon credits sold originated from countries in the Middle East, North