The Clap
The Public Investment Fund (PIF) established the Regional Voluntary Carbon Market Company, with 80% to be owned by the PIF and 20% by the Saudi Tadawul Group (1111).
The Deets
The new company aims to support businesses and sectors in the region to help them reach zero neutrality, ensure that carbon credits are purchased, and reduce carbon emissions in value chains.
Regional Voluntary Carbon Market
The company will help organize the largest auction in the world for trading carbon credit, during the sixth edition of the “Future Investment Initiative” conference.
The conference expects to see the circulation of one million tons of carbon credit and provide high-quality carbon credit certificates.
Why this Matters
The company will have an important role in strengthening the PIF’s efforts in supporting KSA’s initiatives to promote investment and innovation and counter the impact of climate change and achieve zero neutrality by 2060
Related News
Halal Products Development, a newly launched company owned by the PIF, has signed a joint venture agreement with BRF, one of the world’s largest poultry exporters.
The agreement aims to increase the production capacity of the poultry sector and contribute to the localization of the manufacture of food and halal products in Saudi Arabia.
