Skip to content Skip to Search
Skip navigation

New PIF company to hold world’s largest-ever carbon credit auction

Engine, Machine, Motor REUTERS/Mike Hutchings
The auction will involve one million tons of carbon credits and will offer high-quality credits

Saudi Arabia’s Public Investment Fund (PIF) has established the Regional Voluntary Carbon Market Company to support businesses and industries in the region to achieve ‘net zero’ goals.

PIF will hold an 80 percent stake, while Saudi Tadawul Group Holding Company will own the remaining  20 percent, the sovereign wealth fund said in a statement.

The Riyadh headquartered company will help facilitate the world’s largest-ever carbon credit auction on October 25.

The auction will involve one million tons of carbon credits and will offer high-quality credits, including Corsia-compliant, Verra-registered certificates.

Yazeed A. Al-Humied, deputy governor and head of MENA investments at PIF, said that the company will play an important role in the fund’s wider efforts to drive investment and innovation required to address the impact of climate change and support Saudi Arabia’s efforts to achieve net zero by 2060.

“With an expected one million tons of carbon credits available to trade, we predict that our auction will be the largest carbon credit auction to date,” said Riham ElGizy, director of VCM Initiative. 

PIF, which supports the kingdom’s green agenda, recently completed its $3 billion green bond issuance as part of its efforts to develop 70 percent of the country’s renewable energy capacity.

Latest articles

Emirati director Nayla Al Khaja. Her film 'Three' is currently being shown in UAE theatres in Mandarin using Camb.ai's AI translation programme

Dubai startup helps AI-voice cloning take centre stage

A YouTube video released in January of Novak Djokovic shows the tennis star speaking fluent Spanish at a post-match press conference.  While the Serbian champion is renowned for speaking several languages, in this case his voice was created by an artificial intelligence tool developed by a Dubai-based startup, Camb.ai. The original Djokovic footage was taken […]

Alec IPO SeaWorld Abu Dhabi

Alec IPO could start listings rush in construction sector

A listing by Dubai’s Alec Engineering and Contracting could open the gates for more construction-related companies to go public as they take advantage of the country’s buoyant property market, according to a business expert. Alec, which is backed by the Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund, is behind some of the […]

A Saudi woman works inside the first all-female call centre in the kingdom's security sector, in the holy city of Mecca, Saudi Arabia August 29, 2017. REUTERS/Suhaib Salem

Saudi Arabia unemployment fell in Q4 2023

Unemployment among Saudi Arabian nationals fell to 7.7 percent in the fourth quarter of 2023, from 8 percent during the same period in 2022, the government said this week, reflecting the growth of the non-oil sector despite an economic contraction.  Unemployment among Saudi males was 4.6 percent, which was up from 4.2 percent the year […]

Saudi finance minister Mohammed al-Jadaan

Saudi FDI inflow up but still far short of target

The net inflow of foreign direct investment into Saudi Arabia was just over SAR13 billion ($3.5 billion) in the fourth quarter of 2023, up 16 percent on the previous period, government data said this week.  The data, released by the General Authority for Statistics, puts the total net inflow for 2023 at SAR46 billion, which […]