Saudi Arabia introduces greenhouse gas credit program to counter emissions
Date
10/10/2023 2:57:37 AM
(MENAFN) Saudi Arabia is gearing up to introduce a greenhouse gas credits program early next year, allowing companies to compensate for their emissions by purchasing credits from projects that voluntarily reduce or eliminate greenhouse gas emissions. The launch of this program, known as the Greenhouse Gas Crediting and Offsetting Mechanism (GCOM), was announced during the United Nations' Mena Climate Week in Riyadh. GCOM's primary objective is to encourage and incentivize the implementation of emission reduction and removal initiatives on a substantial scale, aligning with climate-related national strategies, policies, and programs.
The establishment of this program reflects Saudi Arabia's commitment to addressing climate change and its determination to contribute to global efforts in reducing greenhouse gas emissions. This initiative aligns with international trends in carbon offsetting and emissions reduction strategies, as more companies and nations seek ways to mitigate their environmental impact and combat climate change.
A year ago, Saudi Arabia's sovereign wealth fund, the Public Investment Fund, had announced its plans to establish the Regional Voluntary Carbon Market Company (RVCMC) in partnership with Saudi's Tadawul Group, the operator of the Riyadh-based Saudi Exchange. This move underscores the country's commitment to creating a regional carbon market and demonstrates its ambition to take a leading role in the evolving landscape of carbon trading and climate action.
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