Saudi firm launches platform for trading voluntary carbon credits

(MENAFN) The Saudi Regional Voluntary Carbon Market Company has launched its platform for trading voluntary carbon credits, marking a significant step towards its goal of making Saudi Arabia’s voluntary carbon market one of the largest in the world by 2030. On its first day of trading, the platform saw the participation of 23 companies, both Saudi and international, showcasing strong initial interest.

The platform's primary objective is to strengthen the supply and demand for high-quality carbon credits in the Global South. This initiative is designed to channel financing into priority climate projects while also supporting the global transition to net-zero emissions. By focusing on high-standard carbon credits, the platform aims to contribute significantly to climate action efforts worldwide.

Reham Al-Geizy, CEO of the Regional Voluntary Carbon Market, emphasized that the upcoming COP29 summit will bring a clear message about the urgent need to accelerate global decarbonization. She noted that this acceleration requires large financial flows into essential climate projects, and voluntary carbon markets can play a key role in addressing the climate finance gap over the next decade.

However, Al-Geizy also highlighted the need for robust institutional infrastructure to support the market's growth. For voluntary carbon markets to fully realize their potential, it is crucial to enable private sector participation, allowing buyers and sellers to engage effectively in the market. With this foundation in place, high-standard voluntary carbon markets can contribute significantly to closing the climate finance gap and achieving global decarbonization goals.

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