- RVCMC successfully sells over 2.2 million tons of carbon credits in the largest ever voluntary carbon credit auction event in Nairobi, Kenya
RIYADH, Saudi Arabia, June 15, 2023 /PRNewswire/ -- The Regional Voluntary Carbon Market Company (RVCMC) today announced the successful auction of more than 2.2 million tons of carbon credits in the Voluntary Carbon Credit Auction largest in history, which took place in Nairobi, Kenya, on June 14, 2023.
The auction offered high-quality, CORSIA-eligible, Verra-registered carbon credits that can enable buyers operating in a variety of industries to play their part in the global transition. RVCMC seeks to ensure that voluntary purchases of carbon credits go beyond significant emission reductions in value chains.
16 Saudi regional and international entities participated in the auction, with Aramco, Saudi Electricity Company (SEC) and ENOWA (a subsidiary of NEOM) buying the most carbon credits. The other winners of the auction were the following:
The auction settlement price was SAR 23.50 per tonne of carbon credits.
The credit basket includes 18 projects that represent a mix of CO2 prevention and removal, including projects such as improved clean cookstoves and renewable energy projects. Three quarters of the carbon credits originated from countries in the Middle East, North Africa and Sub-Saharan Africa, including Kenya, Uganda, Burundi, Rwanda, Morocco, Egypt and South Africa.
The success of today's auction illustrates Saudi Arabia's commitment to address climate change in line with the Saudi Green Initiative and Vision 2030.
In addition to today's auction event, RVCMC signed two MoUs – one with Eveready East Africa Plc, one with Carbon Vista Nigeria LP – to deliver high-quality, impactful carbon projects in Kenya, Nigeria and beyond. This signals the important engagement between RVCMC and key African institutions.
Riham ElGizy, CEO of RVCMC, stressed: "We need to use all the tools at our disposal to address the devastating impacts that climate change is already having. This auction demonstrates the role that voluntary carbon markets can play in driving funding where more is needed, to carry out climate action and improve livelihoods across the Global South.
"Today we have completed the largest ever auction for high-quality voluntary carbon credits, selling more than 2.2 million tons. This follows the 1.4 million tons auctioned in October last year."
"Our goal is to be one of the world's largest voluntary carbon markets by 2030, one that enables offsetting hundreds of millions of tons of carbon emissions per year and contributes to global Net Zero targets. Our achievements to date , in such a short period, demonstrate commitment to long-term success and the ability to deliver on our ambitions."
RVCMC was established by the Public Investment Fund (PIF) and Saudi Tadawul Group to offer guidance and resources to support companies and industry in the MENA region as they play their part in the global transition to Net Zero. Its mission is to create a strong and successful market for both the generation and use of voluntary carbon credits in the MENA region and to play a significant role in assisting in the transition to a low carbon global economy.
CONTACT DETAILS
For business inquiries about participation in the RVCMC Voluntary Carbon Markets, please contact: MVCM@pif.gov.sa
For media inquiries about RVCMC, please contact: RVCMC@teneo.com
NOTES FOR EDITORS
ABOUT RVCMC
RVCMC was established by Public Investment Fund (PIF) and Saudi Tadawul Group Holding Company (Saudi Tadawul Group) in October 2022. PIF holds an 80% stake and Tadawul Group holds a 20% stake in the company. RVCMC is creating a credible voluntary carbon market at speed and scale with global impact. The market prioritizes high-quality carbon credits and positive climate action. The Company is creating an ecosystem that includes an investment fund for climate mitigation projects, an exchange for trading carbon credits, and advisory services that help organizations understand how to decarbonize.
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