Fanna: Saudi platform drives carbon market growth
The voluntary carbon market in Saudi Arabia is leading the transition toward a low-carbon economy through the establishment of an innovative platform that combines climate action with economic development. In October 2022, the kingdom launched the Regional Voluntary Carbon Market Company to support Vision 2030 and achieve net-zero emissions by 2060. The platform enables entities to purchase and trade certified carbon credits generated from emission reduction projects, and has organized major auctions during which over 6 million tons of carbon credits have been sold since its inception, valued at over 350 million riyals. The market contributes to attracting international investments, developing the carbon market infrastructure, and supporting sustainable environmental projects. It is anticipated that the global market will grow to reach $250 billion by 2050, further solidifying Saudi Arabia's position as a global hub for the carbon market and the development of a green economy.
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