Saudi Arabia’s Public Investment Fund (PIF) and Saudi Tadawul Group are establishing a regional carbon offset and credit exchange to combat climate change in the region.
Saudi Press Agency reported that the platform will serve as the primary destination for companies and institutions seeking to reduce their emissions through the trading of verified, approved and high-quality carbon credits certificates
Its purpose is to align with regulatory entities and local and international expertise to develop methods, business models, and governance practices to reduce climate change effects and meet their goals in compliance with the Paris Agreement.
“These efforts are part of Saudi Arabia’s leading role within the region to contribute to the reduction of climate change effects as part of several initiatives that were launched with that regard, through pursuing additional methodologies such as creating a motivational environment for companies and institutes to reduce their emissions,” Saudi Arabia’s Crown Prince Mohammed bin Salman, chairman of the PIF, said:
“Moreover, and taking Saudi Arabia capital market strength, its initiatives and aspirational projects into consideration, we are well-positioned to incubate and host this exchange platform,” he added.