Saudia and NEOM Subsidiary to Become Carbon Market Partners

Saudi Araia’s Public Investment Fund (PIF) has announced that five leading Saudi Arabian businesses have each signed separate non-binding memoranda of understanding (MoU) to become the first potential partners of the MENA regional Voluntary Carbon Market (VCM).

The partners are Aramco, Saudia, ACWA Power, Ma’aden, and Enowa, a subsidiary of NEOM.

The news follows the announcement of the VCM initiative by PIF and Tadawul in September 2021, where His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of Board of Directors of PIF, highlighted Saudi Arabia’s leading role in contributing to the reduction of the impact of climate change, said a Saudi Press Agency report.

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