Saudi Arabia’s Public Investment Fund (PIF) and Tadawul Group plan to establish the Riyadh Voluntary Exchange Platform for offsets and carbon credits in the Middle East and North Africa.
“This initiative will come to be the primary destination and main platform for companies and institutes that target reducing their emissions, or contributing towards that, through the trading of verified, approved and high quality carbon equivalent credits certificates,” the Saudi Press Agency wrote.
Crown Prince Mohammad bin Salman said that “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. 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.”
Meanwhile, PIF governor Yasir Othman Al-Rumayyan said, “looking at the exemplary projects we are working on, which generate their supply of energy from renewable sources and utilize sustainable material, we have developed deep knowledge on how to contribute to this cause adequately. We have a strong financial background that we will deploy to create a suitable environment for the voluntary exchange platform, and we will capitalize on our partnerships and the strength of our investment portfolio, in addition to exploiting the efforts led by the Sovereign Wealth Funds Group that aim to enhance the effect of its investments on the environment.”
