Regional Voluntary Carbon Market sells 2.2 mln tons of carbon credits

Logo of Regional Voluntary Carbon Market Co. (RVCMC)

Regional Voluntary Carbon Market Co. (RVCMC) sold 2.2 million tons of carbon credits in the largest carbon credit auction held in Nairobi today, June 14.

In an emailed statement to Argaam, RVCMC said the clearing price was set at SAR 23.50 per ton, adding that Saudi Aramco, Saudi Electricity Co. and NEOM’s ENOWA bought the largest number of carbon credits.

Sixteen Saudi regional and international entities took part in the auction. The other successful bidders at the auction included Saudi Basic Industries Corporation (SABIC), Saudi Arabian Mining Company (Maaden), SEC, stc, Yanbu Cement Co., Saudi National Bank (SNB), Saudia, NEOM’s ENOWA, Gulf International Bank, Olayan Financing Co., and Abdul Latif Jameel.

 The auction offered high-quality CORSIA-eligible and Verra-registered carbon credits which can enable buyers operating in a range of industries, to play their part in the global transition.  RVCMC seeks to ensure that voluntary carbon credit purchases go above and beyond meaningful emission reductions in value chains.

The basket of credits includes 18 projects representing a mix of CO2 avoidance and removal, including projects such as improved clean cookstoves and renewable energy projects.  Three quarters of the carbon credits originated from countries across the Middle East, North Africa and Sub-Saharan Africa, including Kenya, Uganda, Burundi, Rwanda, Morocco, Egypt and South Africa.

In addition to today’s auction event, RVCMC signed two MOUs: One with Eveready East Africa Plc, another with Carbon Vista Nigeria LP, in order to generate high-quality, impactful carbon projects in Kenya, Nigeria and beyond. This signals the important commitment between RVCMC and key African institutions.