Saudi Arabia's Public Investment Fund (PIF) has joined forces with Saudi Tadawul Group, the holding company that operates the kingdom's stock exchange, to establish the Regional Voluntary Carbon Market Company.
Headquartered in Riyadh, the new company will support regional businesses as they contribute to the global transition towards net zero.
It aims to ensure that carbon credit purchases go “above and beyond meaningful emission reductions in value chains”, an official statement said.
The company will play an important role in PIF’s wider efforts to drive the investment and innovation required to address the impact of climate change
Yazeed Al Humied,
deputy governor and head of Mena investments at PIF
The kingdom’s sovereign wealth fund holds an 80 per cent stake in the company while Saudi Tadawul Group owns a 20 per cent stake in the firm, it added.
“The company will play an important role in PIF’s wider efforts to drive the investment and innovation required to address the impact of climate change and support Saudi Arabia’s efforts to achieve net zero by 2060,” said Yazeed Al Humied, deputy governor and head of Middle East and North Africa investments at PIF.
“We are passionate about the potential for voluntary carbon markets to deliver additional carbon reduction benefits throughout the region, thereby ensuring the Mena region is at the forefront of climate action and that Saudi Arabia is a leading force in solving the climate challenge," the statement continued.
The company’s establishment is a continuation of PIF initiatives to support Saudi Arabia’s green agenda. Earlier this month, it raised $3 billion through its first bond issuance as it considers financing or refinancing its investments in renewable energy, energy efficiency, green buildings and clean transport.
The fund is making various efforts as part of its commitment to develop 70 per cent of Saudi Arabia’s renewable energy capacity in line with Saudi Vision 2030.
Saudi Arabia, the world's biggest crude exporter and the Arab world's biggest economy, has set ambitious targets to fight climate change and cut carbon emissions to overhaul its economy and reduce its reliance on oil.
It has set a target of achieving net-zero carbon emissions by 2060.
The kingdom plans to more than double its target of reducing annual carbon emissions to 278 million tonnes by 2030, Crown Prince Mohammed bin Salman said in October last year. This was up from a previous target of 130 million tonnes.
“We continuously work towards encouraging the adoption of ESG (Environment, Social and Governance) disclosures in the Saudi capital market, to advocate for a better, more transparent future,” said Khalid Al Hussan, chief executive of Saudi Tadawul Group.
“We are delighted to be an integral part, strategically and operationally, in the Regional Voluntary Carbon Market Company. We believe it will be instrumental in supporting Vision 2030 and in further realising the group’s vision of being a gateway to the Mena region for global investors.”
The new company will also enable the efforts of the carbon credit auction on Tuesday at the sixth Future Investment Initiative in Riyadh.
The auction will involve one million tonnes of carbon credits and will offer high-quality credits including Carbon Offsetting and Reduction Scheme for International Aviation (Corsia)-compliant, Verra-registered certificates.
Corsia is a global market-based measure designed to offset international aviation carbon dioxide emissions to stabilise the levels of such emissions.
“The inaugural auction represents the first step towards becoming a leading presence in the global voluntary carbon market ecosystem,” said Riham ElGizy, director of Voluntary Carbon Market (VCM) Initiative.
“With an expected one million tonnes of carbon credits available to trade, we predict that our auction will be the largest carbon credit auction to date.”
The announcement of the new company followed the VCM initiative by PIF and Saudi Tadawul Group unveiled in September last year.
The platform intends to become the primary destination for companies and institutions that aim to reducing their emissions or contribute towards reductions through the trading of verified, approved and high-quality carbon equivalent credits certificates.
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
More from Neighbourhood Watch:
Al Jazira's foreign quartet for 2017/18
Romarinho, Brazil
Lassana Diarra, France
Sardor Rashidov, Uzbekistan
Mbark Boussoufa, Morocco
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
Zayed Sustainability Prize
Results
- Brock Lesnar retained the WWE Universal title against Roman Reigns
- Braun Strowman and Nicolas won the Raw Tag Team titles against Sheamus and Cesaro
- AJ Styles retained the WWE World Heavyweight title against Shinsuke Nakamura
- Nia Jax won the Raw Women’s title against Alexa Bliss
- Daniel Bryan and Shane McMahon beat Kevin Owens and Sami Zayn
- The Undertaker beat John Cena
- The Bludgeon Brothers won the SmackDown Tag Team titles against the Usos and New Day
- Ronda Rousey and Kurt Angle beat Triple H and Stephanie McMahon
- Jinder Mahal won the United States title against Randy Orton, Rusev and Bobby Roode
- Charlotte retained the SmackDown Women’s title against Asuka
- Seth Rollins won the Intercontinental title against The Miz and Finn Balor
- Naomi won the first WrestleMania Women’s Battle Royal
- Cedric Alexander won the vacant Cruiserweight title against Mustafa Ali
- Matt Hardy won the Andre the Giant Battle Royal
The years Ramadan fell in May
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Mohammed bin Zayed Majlis
More on animal trafficking
More coverage from the Future Forum
More on animal trafficking
Killing of Qassem Suleimani
more from Janine di Giovanni
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
More on Quran memorisation:
The five pillars of Islam
AL%20BOOM
%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%26nbsp%3B%26nbsp%3B%26nbsp%3BDirector%3AAssad%20Al%20Waslati%26nbsp%3B%3C%2Fp%3E%0A%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%0DStarring%3A%20Omar%20Al%20Mulla%2C%20Badr%20Hakami%20and%20Rehab%20Al%20Attar%0D%3Cbr%3E%0D%3Cbr%3EStreaming%20on%3A%20ADtv%0D%3Cbr%3E%0D%3Cbr%3ERating%3A%203.5%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
More on animal trafficking
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
RESULTS
West Asia Premiership
Thursday
Jebel Ali Dragons 13-34 Dubai Exiles
Friday
Dubai Knights Eagles 16-27 Dubai Tigers
The five pillars of Islam
More from Neighbourhood Watch:
MATCH INFO
Osasuna 1 Real Madrid 4
Osasuna: García (14')
Real Madrid: Isco (33'), Ramos (38'), Vázquez (84'), Jovic (90' 2)
The years Ramadan fell in May
The years Ramadan fell in May
More on Quran memorisation:
Killing of Qassem Suleimani
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Wallabies
Updated team: 15-Israel Folau, 14-Dane Haylett-Petty, 13-Reece Hodge, 12-Matt Toomua, 11-Marika Koroibete, 10-Kurtley Beale, 9-Will Genia, 8-Pete Samu, 7-Michael Hooper (captain), 6-Lukhan Tui, 5-Adam Coleman, 4-Rory Arnold, 3-Allan Alaalatoa, 2-Tatafu Polota-Nau, 1-Scott Sio.
Replacements: 16-Folau Faingaa, 17-Tom Robertson, 18-Taniela Tupou, 19-Izack Rodda, 20-Ned Hanigan, 21-Joe Powell, 22-Bernard Foley, 23-Jack Maddocks.
Zayed Sustainability Prize
KILLING OF QASSEM SULEIMANI
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
More from Neighbourhood Watch
Jiu-jitsu calendar of events for 2017-2018:
August 5:
Round-1 of the President’s Cup in Al Ain.
August 11-13:
Asian Championship in Vietnam.
September 8-9:
Ajman International.
September 16-17
Asian Indoor and Martial Arts Games, Ashgabat.
September 22-24:
IJJF Balkan Junior Open, Montenegro.
September 23-24:
Grand Slam Los Angeles.
September 29:
Round-1 Mother of The Nation Cup.
October 13-14:
Al Ain U18 International.
September 20-21:
Al Ain International.
November 3:
Round-2 Mother of The National Cup.
November 4:
Round-2 President’s Cup.
November 10-12:
Grand Slam Rio de Janeiro.
November 24-26:
World Championship, Columbia.
November 30:
World Beach Championship, Columbia.
December 8-9:
Dubai International.
December 23:
Round-3 President’s Cup, Sharjah.
January 12-13:
Grand Slam Abu Dhabi.
January 26-27:
Fujairah International.
February 3:
Round-4 President’s Cup, Al Dhafra.
February 16-17:
Ras Al Khaimah International.
February 23-24:
The Challenge Championship.
March 10-11:
Grand Slam London.
March 16:
Final Round – Mother of The Nation.
March 17:
Final Round – President’s Cup.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
RESULT
Manchester City 5 Swansea City 0
Man City: D Silva (12'), Sterling (16'), De Bruyne (54' ), B Silva (64' minutes), Jesus (88')
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
