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FinancialNews
04-09-21
Saudi Tadawul Group, Saudi Arabia’s PIF to establish exchange for carbon offsets within MENA region
(MENAFN) in line with the Saudi Tadawul Group, Saudi Arabia’s Public Investment Fund reported plans to set an exchange for carbon offsets and credits within the MENA region as part of efforts to fight climate change.
According to SPA, platform is going to be the primary target for companies and institutions looking to decrease their emissions through the trading of confirmed, approved and high-quality carbon equivalent credits certificates.
The voluntary platform is considered part of efforts to support with regulatory entities, such as the Designated National Authority for Clean Development Mechanism, along with local and international proficiency to detect regulatory and operational methods, business models and governance performs to backing the decrease of climate change effects and add to Paris Agreement goals.
“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,” according to Saudi Arabia's Crown Prince Mohammed bin Salman, chairman of the PIF.
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