PIF plans voluntary exchange platform for carbon credits, Crown Prince lauds move

Logo of the Public Investment Fund 

The Public Investment Fund (PIF) in collaboration with Saudi Tadawul Group announced plans to roll out a Riyadh voluntary exchange platform for carbon offsets and credits in the MENA region. 

The move was lauded by Crown Prince Mohammed bin Salman, as the new exchange platform will come as part of the Kingdom’s extended efforts to face climate changes and encourage establishments to reduce carbon emissions. 

This initiative will be the primary destination and main platform for companies and institutes that target reducing their emissions, or contributing towards that, through the trading of verified, approved and high-quality carbon equivalent credits certificates.

The voluntary exchange platform establishment will come as part of extended alignment efforts with regulatory entities, such as the Designated National Authority for Clean Development Mechanism (DNA), along with local and international expertise.

Yasir Al-Rumayyan, Governor of the PIF said, “looking at the exemplary projects we are working on, which generate their supply of energy from renewable sources and utilize sustainable material, we have developed deep knowledge on how to contribute to this cause adequately.

“We have a strong financial background that we will deploy to create a suitable environment for the voluntary exchange platform, and we will capitalize on our partnerships and the strength of our investment portfolio, in addition to exploiting the efforts led by the Sovereign Wealth Funds Group that aim to enhance the effect of its investments on the environment,” Al-Rumayyan added.