PIF Announces Auction of 1.4 Million Tonnes of Carbon Credits
The Public Investment Fund (“PIF” or the “Fund”) announced the successful auction of 1.4 million tonnes of carbon credits, in the largest-ever carbon credit sale held on the first day of the 6th Edition of the Future Investment Initiative (“FII”) in Riyadh.
15 Saudi and regional entities took part in the auction and at the closing ceremony certificates were presented to the participants by Yazeed Al-Humied, Deputy Governor and Head of MENA Investments for their participation in the auction.
Aramco, Olayan Financing Company and Saudi Arabian Mining Company (MA'ADEN) purchased the largest number of carbon credits. The other successful bidders at the auction are as follows:
Abdul Latif Jameel
ACWA POWER Company
ENOWA (a subsidiary of NEOM)
Gulf International Bank
International Islamic Trade Finance Corporation
Saudi Basic Industries Corporation (SABIC)
Saudi Motorsport Company (SMC)
Saudi National Bank
Yanbu Cement Company
Zamil Group Holding Company
The auction offered high-quality CORSIA-compliant and Verra-registered carbon credits to support businesses operating in a diverse range of industries in the region as they play their part in the global transition to net zero.
The auction will play an important role in PIF’s wider efforts to drive investment and innovation required to address the impact of climate change and support Saudi Arabia’s efforts to achieve net zero by 2060.
The VCM initiative follows previous announcements by the Fund, including the completion of its $3 billion inaugural green bond, and the various renewable projects PIF is spearheading as part of its commitment to develop 70% of Saudi Arabia’s renewable energy capacity.