RIYADH, SAUDI ARABIA – Saudi Arabian Mining Company (Ma’aden) is one of the largest purchasers of carbon credits from the first MENA Voluntary Carbon Market auction.
The auction, which is the largest in the world, was held on Wednesday at the sixth edition of the Future Investment Initiative in Riyadh.
The auction offered high-quality CORSIA-compliant and Verra-registered carbon credits, with 15 Saudi and regional entities participating in the sale.
Commenting on the milestone, CEO of Ma’aden Robert Wilt said, “As the world moves towards net zero, we need to do our part to ensure meaningful emission reductions in value chains. We are proud to support this world-leading initiative by Saudi Arabia, which reiterates the nation’s commitment to net zero ambitions.”
Wilt said, “Ma’aden is committed to being an ESG leader in the Kingdom as the mining industry grows in prominence and becomes a key player in powering the energy transition. We will continue to decarbonize our operations as we seek to build the mining industry into the third pillar of the Saudi economy, in line with Vision 2030.”
Ma’aden has made significant strides in its efforts to decarbonize its operations, with the goal to achieve carbon neutrality by 2050.
Other initiatives include a commitment to build the world’s largest solar process steam plant in Ras Al Khair, which will reduce Ma’aden’s emissions by 600,000 tons annually, and a commitment to plant 20 million trees by 2040 to contribute to the Saudi Green Initiative.
Ma’aden has planted over three million trees since 2013.
