- Saudi Arabia's Regional Voluntary Carbon Market Company (RVCMC) will launch a carbon credit trading exchange in early 2024 and establish a climate project investment fund. RVCMC, owned by Saudi Arabia's Public Investment Fund and Saudi Tadawul Group, will also provide advisory services for decarbonization.
- Saudi Arabia's carbon credits comply with Corsia and are registered with Verra. The market for these credits could exceed $50 billion by 2030, according to McKinsey. In 2022, Saudi Arabia conducted the Middle East's inaugural carbon offset auction, selling over 1.4 million tonnes of credits.
Why it matters
Saudi Arabia, the world's top crude exporter, plans to diversify from oil exports and achieve net-zero carbon emissions by 2060. The Public Investment Fund raised $5.5 billion through a green bond for green investments. However, the carbon offset market faces criticism for lack of transparency and project quality.
