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Riyadh to host global carbon trading meeting during FII: Preparing for COP28

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Riyadh to host global carbon trading meeting during FII: Preparing for COP28

A global meeting on carbon trading is scheduled to take place in Riyadh concurrently with the Future Investment Initiative (FII)

Esteemed industry leaders hailing from Latin America, Asia, Africa, and Oceania will convene in Riyadh next week for discussions on emissions trading policies in anticipation of the COP28 summit.

The Regional Voluntary Carbon Market Co. of the Kingdom will play host to the Global South Carbon Markets Conference on October 26, in collaboration with S&P Global Commodity Insights as part of the Future Investment Initiative. Distinguished speakers at the conference will delve into topics such as the constructive influence of carbon trading on climate change, the autonomy of credits in the global south, and the catalytic role of Islamic finance in expediting the development of green markets.

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Rania Nashar, Chairwoman of RVCMC, emphasized the pivotal role of carbon trading in addressing the severe impacts of climate change. She stated, “With this event in Riyadh, we are bringing together voices from across the global south to find agreement on what we all want to see happen at COP28.”

Launched in October 2022, RCVMC is a joint venture primarily owned by Saudi Arabia’s Public Investment Fund (80 percent) and Tadawul Group (20 percent). The company’s objective is to facilitate emissions offset through carbon credits and it aspires to attain a prominent global position in this sector.

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Nashar emphasized the need for a unified approach to further elevate the market in carbon credits, making it an even more pivotal factor in supporting the worldwide push towards a carbon-neutral future.

Riham ElGizy, CEO of RCVMC, underscored the critical importance of carbon trading in mitigating climate change risks. She pointed out, “Carbon trading can become a very powerful tool to scale and finance the export of voluntary carbon credits from the Global South, to mitigate the impacts of climate change globally while providing the Global South with financial resources to support their development and address the impacts of climate change.”

During the Middle East and North Africa Climate Week earlier this month, ElGizy told Arab News that RCVMC is planning to launch a carbon credit exchange platform in the second half of 2024. She stated, “My next plan is to launch the exchange, which is going to be a spot market to help price discovery by 2024. We will have as well in that exchange over the counter, we will have a marketplace for suppliers to sell their own product… So three offerings,” ElGizy said.

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