PIF announces successful auction of 1.4 mln tons of carbon credits at Voluntary Carbon Market Initiative

The Public Investment Fund (PIF) announced today, Oct. 26, the successful auction of 1.4 million tons of carbon credits, in the largest-ever carbon credit sale that was held on the first day of the 6th Edition of the Future Investment Initiative (FII) in Riyadh.

15 Saudi and regional entities took part in the auction and at the closing ceremony certificates were presented to the participants by Yazeed Al-Humied, Deputy Governor and Head of MENA Investments for their participation in the auction.

Aramco, Olayan Financing Company and Saudi Arabian Mining Company (MA'ADEN) purchased the largest number of carbon credits. The other successful bidders at the auction are Abdul Latif Jameel, ACWA Power Co., ENOWA (a subsidiary of NEOM), GOLF SAUDI, Gulf International Bank (GIB), International Islamic Trade Finance Corporation, Saudi Basic Industries Corporation (SABIC), Saudi Motorsport Co. (SMC), Saudi National Bank (SNB), SAUDIA, Yanbu Cement Co., Zamil Group Holding Co.

The auction offered high-quality CORSIA-compliant and Verra-registered carbon credits to support businesses operating in a diverse range of industries in the region as they play their part in the global transition to net zero, ensuring that carbon credit purchases go above and beyond meaningful emission reductions in value chains. The auction will play an important role in PIF’s wider efforts to drive investment and innovation required to address the impact of climate change and support Saudi Arabia’s efforts to achieve net zero by 2060.

The VCM initiative is a continuation of PIF’s efforts to support Saudi Arabia’s green agenda and follows previous announcements by the Fund, including the completion of its USD 3 billion inaugural green bond, and the various renewable projects PIF is spearheading as part of its commitment to develop 70% of Saudi Arabia’s renewable energy capacity, in line with Vision 2030.