{"id":78032,"date":"2023-06-15T01:00:22","date_gmt":"2023-06-15T01:00:22","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/06\/15\/saudi-companies-bid-big-at-rvcmcs-2-mn-carbon-credit-auction-in-kenya\/"},"modified":"2023-06-15T01:00:22","modified_gmt":"2023-06-15T01:00:22","slug":"saudi-companies-bid-big-at-rvcmcs-2-mn-carbon-credit-auction-in-kenya","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/06\/15\/saudi-companies-bid-big-at-rvcmcs-2-mn-carbon-credit-auction-in-kenya\/","title":{"rendered":"Saudi companies bid big at RVCMC\u2019s 2 mn carbon credit auction in Kenya"},"content":{"rendered":"

<\/a> RVCMC\u2019s credit auction draws big interest from KSA:<\/strong> A carbon credit auction hosted by Saudi Arabia\u2019s Regional Voluntary Carbon Market Company (RVCMC) in Nairobi drew big demand from over a dozen firms \u2014 a majority of which were Saudi Arabian firms \u2014 who bid on an available 2 mn tons of carbon credits, Reuters<\/a> reports. The company \u2014 established by Saudi Arabia\u2019s sovereign wealth fund the Public Investment Fund (PIF) and the Saudi Tadawul Group \u2014 sold<\/a> some 1.4 mn tons of carbon credits during its first auction, which was held in Riyadh, Saudi Arabia, last October.<\/p>\n

Where are the proceeds going?<\/strong> Financing generated by the sale of RVCMC\u2019s carbon credits will be channeled toward funding carbon capture projects and clean energy projects that avoid greenhouse gas emissions, the newswire writes, citing a statement by RVCMC. 70% of the credits on sale were produced via Africa-based projects especially from Egypt, Mauritania, South Africa, Uganda, and Kenya, company CEO Riham ElGizy told the National<\/a> earlier this week. The PIF-backed company also plans to launch a carbon trading exchange<\/a> early next year, as well as establish a fund to invest in climate projects, according to ElGizy.<\/p>\n

The voluntary carbon market is picking up steam: <\/strong>The voluntary carbon market quadrupled to some USD 2 bn in 2021<\/a>, and could be worth in excess of USD 50 bn in 2023, according to McKinsey<\/a>. The UAE and Egypt are also working to establish carbon exchanges. The UAE Independent Climate Change Accelerators (UICCA) launched<\/a> the UAE Carbon Alliance earlier this month in partnership with Singapore-based carbon trading exchange AirCarbon Exchange (ACX) in a bid to establish a framework for carbon markets. The alliance was launched a year after the Abu Dhabi Global Market (ADGM) said<\/a> it was working with ACX on launching the world\u2019s first fully regulated carbon trading exchange. In April, Egypt\u2019s Financial Regulatory Authority (FRA) formed<\/a> a committee to supervise and regulate the country\u2019s soon-to-be launched voluntary carbon market.<\/p>\n","protected":false},"excerpt":{"rendered":"

RVCMC\u2019s credit auction draws big interest from KSA: A carbon credit auction hosted by Saudi Arabia\u2019s Regional Voluntary Carbon Market Company (RVCMC) in Nairobi drew big demand from over a dozen firms \u2014 a majority of which were Saudi Arabian firms \u2014 who bid on an available 2 mn tons of carbon credits, Reuters reports. […]<\/p>\n","protected":false},"author":1,"featured_media":78033,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[342],"tags":[98,11,159],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-78032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-carbon-markets","tag-carbon-markets","tag-enterpriseclimate","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"a86c6cf4-8b17-4320-a2af-33c23bf7d8ab","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/256.jpg","photo_position":"above","related_issue":[78018],"teaser":"","voice_url":""},"yoast_head":"\nSaudi companies bid big at RVCMC\u2019s 2 mn carbon credit auction in Kenya - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/06\/15\/saudi-companies-bid-big-at-rvcmcs-2-mn-carbon-credit-auction-in-kenya\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi companies bid big at RVCMC\u2019s 2 mn carbon credit auction in Kenya\" \/>\n<meta property=\"og:description\" content=\"RVCMC\u2019s credit auction draws big interest from KSA: A carbon credit auction hosted by Saudi Arabia\u2019s Regional Voluntary Carbon Market Company (RVCMC) in Nairobi drew big demand from over a dozen firms \u2014 a majority of which were Saudi Arabian firms \u2014 who bid on an available 2 mn tons of carbon credits, Reuters reports. 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