The Regional Voluntary Carbon Market Company (RVCMC) has launched a new exchange platform to enhance Saudi Arabia’s voluntary carbon market, aligning with the nation’s net-zero objectives.
The platform debuted with 22 Saudi and international companies participating in its first day of trading. RVCMC’s first auction on the platform sold over 2.5 million tonnes of high-quality carbon credits.
This initiative is a significant step towards making Saudi Arabia one of the world’s largest voluntary carbon markets by 2030, aiming to increase the supply and demand for high-quality carbon credits globally and fund essential climate projects.
The participating companies include Aramco Trading Company, Gulf International Bank, and SABIC, among others.
The platform promises transparency and scalability, featuring:
- Institutional-grade infrastructure for secure transactions
- Price and data insights for carbon credit projects
- Connectivity with global registries
- Specialized trade infrastructure for carbon credits and Islamic Finance
- Auction, RFQ, and block trade functions, with more features coming in 2025
“High-integrity, voluntary carbon markets can play an important role in bridging the climate finance gap this decade,” said Riham ElGizy, RVCMC’s CEO. “But institutional grade infrastructure must be put in place to help buyers and sellers scale up private sector participation and achieve the market’s potential.”
RVCMC, established by the Public Investment Fund (PIF) and Saudi Tadawul Group, is committed to creating a thriving voluntary carbon market in Saudi Arabia and beyond, contributing to the region’s climate action leadership.
Saudi Arabia has set a net-zero target for 2060.
