Riyadh – Mubasher: A total of 15 Saudi and regional entities took part in the largest-ever carbon credit sale, during which 1.40 million tonnes of carbon credits were successfully auctioned at the Voluntary Carbon Market Initiative in the Future Investment Initiative (FII) conference.
The listed Saudi Arabian Oil Company (Aramco) and Saudi Arabian Mining Company (Ma'aden) as well as Olayan Financing Company acquired the largest number of carbon credits, according to a press release.
The other bidders included the listed ACWA Power Company, Saudi Basic Industries Corporation (SABIC), Saudi National Bank (SNB), and Yanbu Cement Company.
In addition, the other entities were Abdul Latif Jameel, ENOWA which is a subsidiary of NEOM, GOLF SAUDI, Gulf International Bank (GIB), International Islamic Trade Finance Corporation (ITFC), Saudi Motorsport Company (SMC), Saudia, and Zamil Group Holding Company.
The auction aims to support businesses operating in several regional industries while supporting the global transition to net zero. It also plays an important role in Saudi Arabia’s Public Investment Fund’s (PIF) efforts to drive investments and innovation in order to highlight the impact of climate change and support The Kingdom’s efforts to achieve net zero by 2060.
The initiative aligns with PIF’s efforts to back the country’s green agenda and follows previous announcements by the fund, such as the completion of its $3 billion inaugural green bond.
The three-day event of the FII conference kicked off in Saudi Arabia on 25 October under the theme of Investing in Humanity: Enabling a New Global Order.
