- 16 Saudi and international companies participated in the auction, with Aramco, Saudi Electricity Company (SEC) and ENOWA (a subsidiary of NEOM) purchasing the largest number of carbon credits.
- The auction offered high-quality, CORSIA-eligible and Verra-registered carbon credits.
- Today’s auction beat the record set by the previous voluntary carbon credit auction in October 2022, where 1.4 million tonnes of carbon credits were sold.
The Regional Voluntary Carbon Market Company (RVCMC) has announced the successful auction of over 2.2 million tonnes of carbon credits in the largest-ever voluntary carbon credit auction, which was held in Nairobi, Kenya on June 14th, 2023.
The auction offered high-quality CORSIA-eligible and Verra-registered carbon credits which can enable buyers operating in a range of industries, to play their part in the global transition. RVCMC seeks to ensure that voluntary carbon credit purchases go above and beyond meaningful emission reductions in value chains.
16 Saudi regional and international entities took part in the auction, with Aramco, Saudi Electricity Company (SEC) and ENOWA (a subsidiary of NEOM), purchasing the largest number of carbon credits.
The auction clearing price was 23.50 SAR per tonne of carbon credits.
The basket of credits includes 18 projects representing a mix of CO2 avoidance and removal, including projects such as improved clean cookstoves and renewable energy projects. Three quarters of the carbon credits originated from countries across the Middle East, North Africa and Sub-Saharan Africa, including Kenya, Uganda, Burundi, Rwanda, Morocco, Egypt and South Africa.
Author: Bryan Groenendaal
