Company among 16 other Saudi companies invited to bid by Saudi RVCMC
Saudi Arabia’s Olayan Financing Company participated and purchased in the second Regional Voluntary Carbon Market Company’s (RVCMC) carbon credit auction, held recently in Nairobi, Kenya.
The auction marked a significant milestone, with over 2mn tons of high-quality, CORSIA-eligible, and Verra-registered carbon credits auctioned to more than 16 companies from Saudi Arabia, including Olayan Financing Company.
By acquiring these credits, Olayan Financing Company strengthens its ability to offset its carbon emissions and actively supports the worldwide Net Zero agenda.
“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. This endeavor by RVCMC represents a significant stride toward a more sustainable future for both the Kingdom as well as the rest of the world,” explained Nabeel Al-Amudi, CEO, Olayan Financing Company.
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.
