Olayan Financing Company (OFC) participated in a special carbon credit auction in the Voluntary Carbon Market (VCM) held at the Future Investment Initiative, the first initiative to be held in the Middle East and North Africa region.

Along with Saudi Aramco and the Saudi Arabian Mining Company (Ma’aden), OFC bought some of the largest shares of the carbon credits available at the auction. The VCM offers support to businesses and entire sectors in the region to help them contribute to the international transformation towards net zero, as well as collateralising their carbon credit purchases to minimise carbon emissions across value chains.

A total of 15 leading national and regional entities participated in the auction, during which 1.4 million tons of carbon credit were traded. The VCM offers quality carbon credit certification that meets the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) standards in Verra’s Verified Carbon Standard (VCS) Program.

Nabeel Al-Amudi, CEO of Olayan Financing Company, said: “As global warming grows increasingly severe, it is more critical than ever to seek out not only effective, but innovative ways to combat climate change. The Public Investment Fund’s Voluntary Carbon Market is a major step toward a more sustainable future, and we are proud to be supporting such an ambitious initiative by participating in this carbon credit auction.”

Al-Amudi added: “Our participation takes on a special meaning as it coincides with Olayan’s 75th anniversary. Environmental sustainability has been one of the group’s key pillars since the very beginning. This latest partnership further enhances our carbon emissions reduction efforts and will contribute to Saudi Arabia’s drive to achieve its net-zero goals by the year 2060.”

The auction participation aligns with OFC’s ongoing efforts to promote sustainability and commitment to contributing to the Saudi Green Initiative’s ambitious objectives. OFC’s support for the Voluntary Carbon Market stems from the company’s conviction that this initiative is an effective financing mechanism to stimulate projects with a positive impact on the environment. –TradeArabia News Service