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Saudi Carbon Market Gains Momentum
AlArabiya English
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yesterday
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00:00
Could I just start by asking you to tell us very simply, what has VCM achieved since its
00:06
launch three years ago? Okay, let me start by going at the history of the company. The company
00:12
was incorporated in 2022, but the real announcement for it was in September 2021 by His Royal Highness
00:19
the Crown Prince of Saudi Arabia. And he enacted Saudi Tadell and the Public Investment Fund of
00:25
Saudi Arabia to look into that project and launch it to be the first pioneering carbon market in
00:29
our region. So that's the beginning of it. When we looked at the market over here, there was zero
00:35
demand, zero supply, and zero knowledge about what is a voluntary carbon market. This was our
00:42
starting point. Today where we are, we are having 30 corporations from the Kingdom of Saudi Arabia
00:48
subscribing into our market that covers 70% of the total emissions in the Kingdom. We have launched
00:55
back-to-back three massive auctions, the largest in the history of the market, and that tells you
01:00
the size of it. And today we are announcing our agreement with ANOA, which is a landmark agreement.
01:06
So these are steady steps that we have been going from one auction to the other to establish demand
01:12
and see the size of the supply and see, and as well building the ecosystem. It's not about agreements.
01:18
It's not about auctions. It's about an ecosystem in the Kingdom. Since our incorporation, there
01:26
has been a lot of companies that have been set up in the Kingdom to support the ecosystem. So all of
01:31
this, the vibrance behind the market here in the Kingdom and the region, this is something that we
01:36
need to account for as well.
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