GIB buys carbon credits at world’s largest auction
MANAMA, June 20, 2023
Abdulaziz Khattak
Gulf International Bank (GIB) has taken part in the world’s largest sale of voluntary carbon credits auction initiated by the Regional Voluntary Carbon Market Company (RVCMC) in Nairobi, Kenya.
This year’s auction, the second for RVCMC since its launch in 2022, saw more than 2 million tonnes of high-quality, CORSIA-eligible and Verra-registered carbon credits auctioned to more than 15 companies from Saudi Arabia and beyond.
GIB purchased carbon credits, which will offset the bank’s carbon emissions for 2022.
The credits have been generated through projects that either avoid the creation of CO2 emissions or capture and store emissions from the atmosphere, the bank said in a statement.
This is GIB’s second participation in the carbon credits auction held by RVCMC. In October 2022, RVCMC hosted its first auction at the 6th edition of the Future Investment Initiative (FII) in Riyadh.
Representing GIB at the auction were Sara Abdulhadi, Group Chief Investment and Treasury Officer, and Venetia Bell, Group Chief Sustainability Officer.
Nairobi was selected as the location for the auction to highlight the positive impact that voluntary carbon markets can play in bringing investment to emerging economies and projects that promote decarbonisation.
A majority of projects related to the Nairobi auction originated in Africa, including projects that support the supply of improved clean cookstoves to communities in Kenya and Rwanda and renewable energy projects in Egypt and South Africa.
Commenting on the auction, Abdulaziz Al-Helaissi, GIB Group CEO, says: “We are delighted to have participated again in another landmark auction conducted by RVCMC. GIB’s ongoing partnership with the company reflects the Bank’s commitment to supporting regional and global net-zero commitments as well as broader initiatives from the Kingdom of Saudi Arabia to accelerate climate action.
“We’re especially pleased to see the auction take place in Nairobi, underscoring the importance of sustainable financing tools and solutions in funding the transition to a carbon neutral future, especially for developing economies in Africa and elsewhere. We look forward to our continued cooperation with RVCMC and supporting the net-zero journey of our clients in the MENA region and beyond.” --Tradearabia News Service
