The Public Investment Fund (PIF) launched the Regional Voluntary Carbon Market Company with the Saudi Tadawul Group. The company will offer guidance and resources to support businesses and industries in the region as they transit to net zero, ensuring that carbon credit purchases go beyond emission reductions in value chains.

PIF holds an 80% stake in the carbon company and Saudi Tadawul Group Holding Company holds a 20% stake in the company.

“We are passionate about the potential for voluntary carbon markets to deliver additional carbon reduction benefits throughout the region, thereby ensuring the MENA region is at the forefront of climate action and that Saudi Arabia is a leading force in solving the climate challenge. The company will play an important role in PIF’s wider efforts to drive the investment and innovation required to address the impact of climate change and support Saudi Arabia’s efforts to achieve net zero by 2060,” Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at Public Investment Fund, said.

The newly established Regional Voluntary Carbon Market Company comes in line with previous PIF initiatives to support Saudi Arabia’s green agenda. PIF recently completed its $3 billion green bond aiming to finance and invest in renewable energy, energy efficiency, green buildings, and clean transport.