The Regional Voluntary Carbon Market Company (RVCMC) and the National Committee for Clean Development Mechanism of Saudi Arabia (CDMDNA) have concluded a milestone Memorandum of Understanding to progress the Kingdom's climate ambitions.
At a signing cermony at the Future Investment Initiative 8th edition in Riyadh – witnessed by HRH Prince Abdulaziz Bin Salman, Energy Minister of Saudi Arabia, and HE Yasir Al Rumayyan, Governor of the Public Investment Fund - RVCMC and CDMDNA agreed to work together to support climate action in the Kingdom.
The MOU was signed on the FII main plenary stage by Chair of RVCMC, Rania Nashar, and the National Committee for Clean Development Mechanism of Saudi Arabia Director of Technical Affairs, Maria AlJishi, in recognition of the crucial role the agreement will play in ensuring the carbon markets established in the Kingdom are transparent, robust and credible.
High integrity carbon credits can help finance climate action by funding projects that reduce and remove carbon emissions, helping accelerate the transition to low carbon and more sustainable economies worldwide.
Climate change is one of the most important challenges facing Saudi Arabia, the Middle East and the wider world. Reducing emissions is a priority to the Kingdom of Saudi Arabia, and voluntary carbon markets can play a vital role in reaching climate targets.
RVCMC was established in October 2022 via a partnership between the Public Investment Fund and the Saudi Tadawul Group Holding Company.
