New Carbon-Trading Platform Launched to Fund Climate Projects
The new carbon market platform enables global companies to support climate projects through voluntary credits. The platform aims to scale up funding for environmental initiatives worldwide.
Saudi Arabia has launched a new carbon market platform aimed at financing high-quality climate projects across the globe. This initiative comes just a day after a landmark agreement among climate negotiators on rules for the UN-administered global emissions market.
The new platform, developed by the Regional Voluntary Carbon Market Company (RVCMC), includes 22 participating companies, both local and international, such as Saudi Aramco, Ma’aden, flynas and the Public Investment Fund (PIF). The market allows these businesses to buy and sell voluntary carbon credits, driving financial support for climate projects that are critical to achieving global net-zero emissions.
As part of the launch, the platform will auction over 2.5 million tons of carbon credits tied to 17 projects located in the Global South, including countries like Bangladesh, Brazil, Ethiopia and Pakistan. These projects aim to reduce carbon emissions and contribute to sustainable development, marking a significant step in Saudi Arabia's ambition to become one of the world’s largest voluntary carbon markets by 2030.
The platform is designed to provide transparent, scalable, and secure transactions, offering institutional-grade infrastructure to facilitate fast exchanges. With its advanced features, including price discovery, market connectivity, and support for Islamic finance, the platform is poised to grow and support a wide range of global climate initiatives.
By connecting businesses to high-impact environmental projects, Saudi Arabia's new carbon market platform is setting the stage for a more sustainable future, aligning with the kingdom’s broader environmental goals.
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