During an auction event in Nairobi, Kenya, an exceptional opportunity to acquire top-notch carbon credits that are both CORSIA-eligible and Verra-registered was represented. The auction could sell more carbon credits than the previous record in October 2022. 16 companies from Saudi Arabia and various parts of the world participated in the auction.
Several regional and international entities, including stc Group, the engine of digital transformation, Saudi Aramco Base Oil Company (Luberef), Saudi Basic Industries Corporation (SABIC), Saudi Arabian Mining Company (MA’ADEN), SAUDIA, ENOWA, Saudi Electric Company (SEC), Saudi National Bank, Abdul Latif Jameel, GOLF SAUDI, Gulf International Bank, International Islamic Trade Finance Corporation, Olayan Financing Company, and Yanbu Cement Company, participated in the auction as part of their commitment towards the cause.
The basket of credits included 18 projects representing a mix of CO2 avoidance and removal, containing improved clean cookstoves and renewable energy projects. Three-quarters of the carbon credits originated from countries across the Middle East, North Africa, and Sub-Saharan Africa, including Kenya, Uganda, Burundi, Rwanda, Morocco, Egypt and South Africa.
Eng. Abdullah Alkanhl, Group Chief Strategy Officer, said: “Today, stc has acquired carbon credits from the Regional Voluntary Carbon Market Company (RVCMC) at the largest-ever voluntary carbon credit auction event held in Nairobi, Kenya. These credits will aid in offsetting some of the emissions produced by stc as we strive towards achieving carbon neutrality within our strategy to ensure the implementation of the sustainability agenda.”
“stc plays a crucial role in the kingdom and the region, prioritizing positive environmental, social, and economic impact. We are committed to implementing the best responsible practices and high standards in the telecommunications and technology industry”, Alkanhl added.
Riham ElGizy, Chief Executive Officer of RVCMC, said: “We need to use every tool at our disposal to tackle the devastating impacts climate change is already having. This auction demonstrates voluntary carbon markets in driving funding most needed to deliver climate action and improve livelihoods across the Global South.
“Today, we have completed the biggest-ever auction of high-quality voluntary carbon credits, selling over 2.2 million tonnes. This follows from the 1.4 million tonnes auctioned in October last year”, added ElGizy.
The auction’s success illustrates Saudi Arabia’s commitment to tackling climate change in line with Saudi Green Initiative and Vision 2030.
