Saudi-based Olayan Financing Company took part in the second Regional Voluntary Carbon Market Company's (RVCMC) carbon credit auction in Nairobi, Kenya, and purchased carbon credits.

 

The event, which was held from June 13 to 14, marked a key milestone with more than 2 million tonne of high-quality, Corsia-eligible, and Verra-registered carbon credits auctioned to more than 16 companies from Saudi Arabia, including Olayan.

 

By acquiring these credits, Olayan strengthens its ability to offset its carbon emissions and actively support the worldwide Net Zero agenda, said its top official.

 

"We firmly believe that as a leading private sector company, it is imperative to not only find effective solutions, but also to innovate in our approach to combat climate change," remarked its CEO Nabeel Al-Amudi.

 

"This endeavour by RVCMC represents a significant stride toward a more sustainable future for both the kingdom as well as the rest of the world. We take immense pride in supporting this ambitious initiative yet again by participating in this latest round of the auction," he added.

 

The projects featured in the Nairobi auction encompass a diverse range of carbon avoidance and removal initiatives, primarily originating from Africa.

 

Notable endeavors include the provision of improved clean cookstoves to communities in Kenya and Rwanda, as well as renewable energy projects in Egypt and South Africa. 

 

Olayan’s involvement in the auction demonstrates its dedication to sustainable practices and its unwavering commitment to making a positive impact on local communities and the environment.

 

This recent participation in the RVCMC carbon credit auction is the second for the company, following the successful event held in Riyadh in October 2022.

 

During the Riyadh auction, Olayan emerged as one of the foremost supporters of the initiative, furthering the company’s objective to aid and contribute to the development of a market-based solution for financing green initiatives.-TradeArabia News Service