Saudi Top, Voluntary Carbon Market sign MoU

01/07/2024 Argaam
Logo ofSaudi Top for Trading Co.

Logo of Saudi Top for Trading Co.

Saudi Top for Trading Co. signed on June 30 a memorandum of understanding (MoU) with Voluntary Carbon Market (VCM), a subsidiary of the Public Investment Fund (PIF), for trading high-integrity carbon credits.
The MoU is valid for 36 months from the signing date or when the parties execute a binding agreement related to the MoU, Saudi Top said in a statement to Tadawul.
 
 

 

The move aims to trade high-integrity carbon credits and contribute to reducing carbon emissions in the manufacturing sector.

 

The two parties seek to cooperate in initiatives to promote the expansion of the voluntary carbon market and advance climate action in the Middle East, North Africa and the world, while contributing to climate action in Saudi Arabia through compensating for emissions with carbon credits.

 

The financial impact of this memorandum cannot be determined at this stage, the statement said, adding that there are no related parties.

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