Saudi Aramco Buys Carbon Credits At Largest-Ever Auction – OilPrice.com

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In the auction this week, Saudi Aramco, the world’s largest oil firm, purchased the largest number of credits, along with Saudi Electricity Company and ENOWA, a subsidiary of NEOM, the carbon market company said.
The basket of credits in the auction included 18 projects representing a mix of carbon dioxide (CO2) avoidance and removal, including projects such as 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.
“Our aim is to be one of the largest voluntary carbon markets in the world by 2030, one that enables compensation of hundreds of millions of tonnes of carbon emissions per year and contributes to global Net Zero goals,” said Riham ElGizy, Chief Executive Officer of RVCMC.
Last year, Aramco signed a Memorandum of Understanding (MoU) with PIF to support the establishment of the Regional Voluntary Carbon Market in Riyadh and participated in its inaugural auction, where 1.4 million carbon credits were sold, of which 650,000 were purchased by Aramco, the Saudi oil giant said in its 2022 Sustainability Report published on Thursday.