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To reduce emissions .. a Voluntary Exchange Platform for Carbon Credits within the Middle East and North Africa Region

As a continuation of latest announced initiatives and projects, which contribute to the reduction of climate change effects, the Public Investment Fund (PIF) in collaboration with the Saudi Tadawul Group today announced an intent to establish Riyadh Voluntary Exchange Platform for offsets and carbon credits within the Middle East and North Africa Region. This initiative will come to be the primary destination and main platform for companies and institutes that target reducing their emissions, or contributing towards that, through the trading of verified, approved and high quality carbon equivalent credits certificates.

The voluntary exchange platform establishment will come as part of extended alignment efforts with regulatory entities, such as the Designated National Authority for Clean Development Mechanism (DNA), along with local and international expertise to identify the best regulatory and operational methodologies, business models and governance practices that align with best global standards in order to establish a voluntary exchange platform that will support the reduction of climate change effects, as well as to contribute to Paris Agreement goals.

In light of the these efforts, His Royal Highness Prince Mohammad bin Salman bin Abdulaziz Al Saud , Crown Prince, Deputy Prime Minister, Chairman of the Council of Economic and Development Affairs, Chairman of the Public Investment Fund, was supportive of this initiative and stated, “These efforts are part of Saudi Arabia’s leading role within the region to contribute to the reduction of climate change effects as part of several initiatives that were launched with that regard, through pursuing additional methodologies such as creating a motivational environment for companies and institutes to reduce their emissions. Moreover, and taking Saudi Arabia capital market strength, its initiatives and aspirational projects into consideration, we are well-positioned to incubate and host this exchange platform.”

In continuation to that statement, the Governor of the PIF Yasir Othman Al-Rumayyan said, “looking at the exemplary projects we are working on, which generate their supply of energy from renewable sources and utilize sustainable material, we have developed deep knowledge on how to contribute to this cause adequately. We have a strong financial background that we will deploy to create a suitable environment for the voluntary exchange platform, and we will capitalize on our partnerships and the strength of our investment portfolio, in addition to exploiting the efforts led by the Sovereign Wealth Funds Group that aim to enhance the effect of its investments on the environment.”

It is key to highlight that the role of PIF in international initiatives that aim to reduce effects of climate change, such as participating in One Planet Sovereign Wealth Funds Working Group, has been increasing rapidly, in addition to a noticeable increased presence within related conferences and forums. In addition to that, PIF has several strong enablers, being that Saudi Arabia is the home of several companies and institutes that aim to reduce their greenhouse gases emissions, in addition to having international partners who are interested in investing within this area.

 

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About AISU

Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.

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17 Country

300.000 Employees

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