- Saudi Arabia has unveiled a program focused on crediting and offsetting greenhouse gas emissions as part of its commitment to combat climate change and its goal of achieving net-zero emissions by 2060. The Greenhouse Gas Crediting and Offsetting Mechanism (GCOM) was introduced during the UN's Mena Climate Week in Riyadh and was attended by Prince Abdulaziz bin Salman, the Minister of Energy for Saudi Arabia.
- This newly launched domestic market initiative is designed to promote Saudi Arabia's climate objectives and allow various entities within the country to work towards their emission reduction and removal targets. It aims to foster collective efforts toward a sustainable and low-emission future, as stated by the state-run news agency. In a related development, Saudi Arabia's Public Investment Fund (PIF) and the Saudi Tadawul Group, the company overseeing the kingdom's stock exchange, previously announced the establishment of the Regional Voluntary Carbon Market Company (RVCMC) in October.
Why it matters
In June, the RVCMC successfully conducted an auction in Nairobi, where major buyers included oil giant Saudi Aramco, the Saudi Electricity Company, and Enowa (a subsidiary of Neom). This signifies a significant step in Saudi Arabia's commitment to addressing climate change.