Riyadh, Saudi Arabia — The Regional Voluntary Carbon Market Company (RVCMC) plans to hold the largest carbon credit auction event in Nairobi on June 14, expecting the sale of more than 2 million tons of high-quality CORSIA carbon credits registered with Verra, which manages a variety of carbon offset programs, including the Verified Carbon Standard (VCS).
More than 15 companies from Saudi Arabia and other countries will participate in the event. Purchasing companies will be able to use these credits to offset the impact of their carbon emissions and enhance their contributions to the global shift towards net-zero neutrality.
The selection of Nairobi as the location for the auction event aims to underscore the important role of voluntary carbon markets in attracting investment to emerging economies, attracting financing for African carbon credits, and underscoring the commitment of the Regional Voluntary Carbon Market to making a positive difference, (RVCMC) said.
The Public Investment Fund (PIF), in collaboration with Saudi Tadawul Group, established the Regional Voluntary Carbon Market to provide guidance and resources to support businesses in the MENA region and help them play their role in the global transition to zero neutrality.
In October 2022, RVCMC hosted its first auction at the 6th Edition of the Future Investment Initiative (FII) in Riyadh. This marked what was then the largest-ever carbon credit sale auction with 1.4 million tons of carbon credits auctioned – enough to compensate for the annual emissions of 250,000 family cars.
The Nairobi auction includes a variety of projects that avoid and eliminate carbon dioxide emissions, many of which are found in Africa, including projects to supply clean and improved cooking stoves in Kenya and Rwanda, and renewable energy projects in Egypt and South Africa.
Rania Nashar, Chairman of the Board of Directors of the Regional Voluntary Carbon Market, said, “The auction will enhance the depth and size of the Regional Voluntary Carbon Market to make a positive difference and contribute to the achievement of the United Nations Sustainable Development Goals.”