- Aramco, SEC and ENOWA among biggest purchasers at auction by RVCMC, which was launched by PIF and the Saudi Tadawul Group
- Event demonstrates the role voluntary carbon markets can play in delivering climate action, says CEO of RVCMC
- Carbon market aligns with PIF’s strategy to develop Saudi Arabia’s green economy in accordance with Vision 2030
The Regional Voluntary Carbon Market Company (RVCMC) announced the successful auction of more than 2.2 million metric tons of carbon credits at the biggest-ever voluntary carbon credit auction, which was held in Nairobi, Kenya.
High-quality CORSIA-eligible and Verra-registered carbon credits were offered at the RVCMC auction, enabling buyers from a variety of sectors to play their role in reducing greenhouse gas emissions and make a positive impact on the climate.
Aramco, Saudi Electricity Company and ENOWA (a subsidiary of PIF-owned giga-project NEOM) were among the purchasers of the largest amount of carbon credits, with a total of 16 Saudi and international businesses participating.
Riham ElGizy, Chief Executive Officer of RVCMC, said: “We need to use every tool at our disposal to tackle the devastating impacts climate change is already having. This auction demonstrates the role voluntary carbon markets can play in driving funding where it is most needed, to deliver climate action and improve livelihoods across the Global South.”
Launched by PIF and the Saudi Tadawul Group last year, RVCMC aims to assist businesses and industries in the Middle East and North Africa to contribute to global net zero goals.
As Saudi Arabia commits to net zero by 2060, RVCMC aligns with PIF’s strategy to contribute to developing the country’s green economy by providing significant investment opportunities for the private sector. This is in accordance with the Saudi Green Initiative and Vision 2030, the nation’s blueprint for economic reform.
The auction beat the record set by RVCMC’s first voluntary carbon credit auction in October 2022, during which 1.4 million tons of carbon credits were sold.
RVCMC’s second auction clearing price was SAR 23.50 per ton of carbon credits. The projects included a combination of CO2 avoidance and removal, with the majority originating from the Middle East and Africa.
