Saudi Arabia’s Regional Voluntary Carbon Market Company (RVCMC) will hold the largest sale of voluntary carbon credits at an auction event set to be held in Kenya on June 14.
The event will take place in Nairobi which was chosen as the location for the auction event to help illustrate the role that voluntary carbon markets hold in bringing investments to emerging economies and attract funding for African carbon credits.
RVCMC was established by the Public Investment Fund (PIF) and Saudi Tadawul Group to offer guidance and resourcing to support businesses and industry in the MENA region as they play a part in the global transition to net zero.
The entity’s mission is to create a successful market and assist in the transition to a low-carbon global economy.
The event will mark the second sale of carbon credits held by RVCMC. The first one was held in Riyadh at the 6th Edition of the Future Investment Initiative (FII), the event marked the largest-ever carbon credit sale with the successful auctioning of over 1.4 million tonnes of carbon credits.
Carbon credits are used to eliminate the creation of emission. The project related to the Nairobi auction event are a mix of CO2 avoidance and removal.
Empowering energy transition through voluntary carbon markets
Rania Nashar, Chairperson of RVCMC said, “The Regional Voluntary Carbon Market Company is a key enabler to address today’s energy transition in a creative and responsible manner as part of PIF’s efforts to address the effects in climate change aligned with Saudi Arabia’s wider initiatives to achieve net zero in 2060. With this auction, RVCMC will reach a depth and scale where it can make a meaningful difference and contribute to the UN Sustainable Development Goals.
Riham ElGizy, Chief Executive Officer of RVCMC said, “This auction will be a landmark moment in the development of voluntary carbon markets. We are mobilising companies to compensate for their carbon emissions while they work to reach their emissions reduction targets.
“Also, we are showing how the Middle East and Africa can work together productively to drive innovative climate action in emerging economies. The Global South will need enormous financial investment in climate mitigation and we are ideally placed to work closely with project developers to direct funding to projects that deliver both climate impact and economic opportunity.
“We need to use all the tools available to reduce the impact of our emissions and help the world transition to net zero. Voluntary carbon markets are a part of that solution. And by attracting ever more buyers into our ecosystem, the RVCMC will continue to play an ever-larger role in that journey,” he concluded.
