Our Vision
“Our vision is to drive climate action and improve livelihoods in the Global South through a high-integrity voluntary carbon market. Led from Saudi Arabia, we will channel funds toward climate action in the Middle East, Africa, and beyond.”
2024
November 12, 2024
Record-breaking auction powers global climate projects
Our 3rd auction on our Exchange Platform traded 2.5M+ tonnes of carbon credits at 37.5 SAR/tonne, with over 75% of projects from the Global South supporting reforestation, methane capture, and carbon storage in construction materials.
2024
2024
November 12, 2024
We launched our Voluntary Carbon Market Exchange Platform
We welcomed 23 Saudi and international companies on the first day. This milestone marked a significant step toward scaling Saudi Arabia’s voluntary carbon market, fostering high-integrity climate projects, and advancing global net-zero ambitions.
2024
2024
April 2024
We selected Xpansiv to launch VCM Platform in Saudi Arabia.
On April 25, we selected Xpansiv, the leading market infrastructure provider for the global energy transition, to provide tech infrastructure for our Platform. Set to launch in late 2024, the Platform will support our ambition to scale up global supply and demand for carbon credits and deliver much-needed climate financing to the Global South.
2024
2023
October 2023
We convened the inaugural Global South Carbon Markets Conference: The Riyadh Edition.
On October 26, we convened the Global South Carbon Markets Conference: The Riyadh Edition as part of the 7th edition of the Future Investment Initiative. Government and industry leaders from across the Global South were united in their call for a coordinated effort to accelerate the development of voluntary carbon markets.
2023
2023
June 2023
We beat our own record.
On June 14, 2023, we once again held the largest-ever carbon credit auction, this time in Nairobi, successfully auctioning over 2.2 million tonnes of voluntary carbon credits. The auction offered high-quality CORSIA-eligible and Verra-registered carbon credits to 16 Saudi and international companies participating in the auction, with Aramco, Saudi Electricity Company (SEC), and ENOWA purchasing the largest number of carbon credits.
2023
2022
October 2022
The world's largest carbon credit auction.
On October 25, 2022, we held the largest voluntary carbon market auction to date, selling more than 1.4 million tonnes of carbon credits. The CEOs and Chairs of 15 leading companies participated in our first auction, held as part of the 6th Edition of the Future Investment Initiative in Riyadh.
2022
2022
October 2022
PIF and Saudi Tadawul Group established VCM.
We were launched jointly by the Saudi Public Investment Fund and Saudi Tadawul Group in October 2022 as part of the Kingdom's efforts to reduce the impact of climate change and encourage institutions to reduce their carbon emissions.
2022
2022
November 2022
First ever Fatwa issued for carbon credits as an enabling commodity for Islamic Finance.
The Fatwa, a joint effort by VCM and the International Islamic Trade Finance Corporation (ITFC), was announced on the sidelines of COP27.
2022
2021
September 2021
PIF and Saudi Tadawul Group announced intent to establish a voluntary exchange platform for carbon credits.
The announcement of the Riyadh Voluntary Exchange Platform followed the launch of a series of sustainability initiatives and projects in Saudi Arabia, where the goal is to reduce the impact of climate change.
2021
What is a voluntary carbon market?
How does the voluntary carbon market work?
What are carbon credits?
Who participates in voluntary carbon markets?
Who are the shareholders?
What is a voluntary carbon market?
It is a pricing mechanism where individuals, companies, or organizations can voluntarily buy and sell carbon credits to offset their greenhouse gas emissions. These credits support projects that reduce or remove carbon from the atmosphere.
How does the voluntary carbon market work?
It enables companies to advance climate mitigation beyond their value chain by voluntarily investing in high-integrity carbon credits. It’s an opportunity for companies to take responsibility for emissions they can’t yet cut.
What are carbon credits?
A carbon credit is one tonne of CO2 or equivalent that has been reduced, avoided, or sequestered by a project. Carbon credits are designed to reduce overall carbon emissions by being traded in the marketplace.
Who participates in voluntary carbon markets?
Individuals, companies, or organizations who are looking to reduce their carbon footprint or trade it. They can do this by purchasing carbon credits on the marketplace. Their purchase then provides finance to climate mitigation activities that would not otherwise be possible.
Who are the shareholders?
Voluntary Carbon Market (VCM) Company was founded in October 2022 by the Public Investment Fund (PIF) with 80% of ownership and Saudi Tadawul Group Holding Company (STG) with 20% of ownership.
PIF is Saudi Arabia's sovereign wealth fund, which was established in 1971 and specializes in financing projects of strategic importance to the Saudi economy.
STG is responsible for overseeing the management and development of financial markets in Saudi Arabia, including the stock market and various services related to securities and investment.
