Saudi Arabia is building a regulated carbon market through its Regional Voluntary Carbon Market Co. (RVCMC), a platform where public and private entities trade certified carbon credits. The company, majority owned by the Public Investment Fund, held auctions in Riyadh, Nairobi, and Baku, with the COP29 auction in Baku selling over 15 million credits worth more than SR350 million. The market supports the Saudi Green Initiative and the Kingdom's net-zero 2060 target. The RVCMC launched the region's largest carbon credit trading platform in November 2024, enabling auctions, requests for quotes, and off-platform trades. The company aims to attract sustainability-linked investment and grow related industries like carbon verification and environmental consulting. Projects funded through the market include waste management, land rehabilitation, renewable energy, and mangrove restoration, according to a climate researcher at KAUST.
