Saudi Arabia’s sovereign wealth fund started a voluntary carbon market firm and plans to auction a million tons of credits, supporting the kingdom’s net zero target.
The Public Investment Fund said it started the Regional Voluntary Carbon Market Co. with Saudi Tadawul Group. The new company aims to help facilitate the auction on Oct. 25, the first day of the three-day Future Investment Initiative in Riyadh, a summit seeking to attract billions of dollars to Saudi Arabia.
“The company will offer guidance and resourcing to support businesses and industry in the region as they play their part in the global transition to net zero, ensuring that carbon credit purchases go above and beyond meaningful emission reductions in value chains,” according to a statement.
