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Saudi platform advances low-carbon economy
The Kingdom of Saudi Arabia has launched the Regional Voluntary Carbon Market Company to enhance its efforts in climate change mitigation and achieve net-zero neutrality by 2060, in line with Saudi Vision 2030 and its Green Saudi and Green Middle East initiatives. The platform enables government and private sector entities to purchase and trade certified carbon credits generated from emission reduction projects. It serves as a vital tool to support environmental investments and sustainable development. Since its establishment in October 2022, the company has conducted the region's largest carbon credit auctions, selling over 6 million tons to date, with trading values exceeding 350 million Saudi Riyals. This reflects the rapid growth of the market and its role in supporting climate action and sustainable economic development. The company also aims to expand the market and connect it with global registries to strengthen Saudi Arabia’s position as a worldwide hub for high-integrity, transparent carbon markets.
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