Riyadh — As a continuation of the latest initiatives contributing to the reduction of climate change effects, the Public Investment Fund (PIF) and the Saudi Tadawul Group on Thursday announced a proposal to establish Riyadh Voluntary Exchange Platform for offsets and carbon credits within the Middle East and the North Africa (MENA) Region.
This initiative will become 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.
As a result of these efforts, Crown Prince Muhammad Bin Salman, deputy prime minister, chairman of the Council of Development and Economic Affairs (CEDA), chairman of the Public Investment Fund (PIF), supported this initiative.
The role of PIF in international initiatives aims to reduce the effects of climate change, such as participating in One Planet Sovereign Wealth Funds Working Group, which has increased rapidly and has a noticeably increased presence within related conferences and forums.
In addition to that, PIF has several strong enablers. For example, Saudi Arabia is the home of several companies and institutes that aim to reduce greenhouse gas emissions and has international partners interested in investing in this area.