As the global call to combat climate change grows more urgent, nations and corporations are finding innovative solutions to curb their carbon emissions, with one notable idea gaining traction being the concept of carbon credits.
These financial instruments, representing the removal or avoidance of carbon dioxide from the atmosphere, are becoming pivotal in aiding companies to offset their environmental footprint. Pioneers in this realm is a homegrown Saudi Arabian entity, the Regional Voluntary Carbon Market Company (RVCMC), backed by the nation’s Public Investment Fund (PIF).
Demand for carbon offsets is expected to soar as companies seek to use the credits to help meet net-zero emission goals. Scaling the voluntary carbon market is seen as a crucial part of the world’s response to climate change as it allows companies to offset a portion of their emissions by investing in a diverse range of tech or nature-based projects.
In an exclusive interview with Al Arabiya English, RVCMC's CEO, Riham El Gizy, said the company - and carbon credits - is poised to shape the future of sustainable business practices and climate action amid factors like stringent climate policies by various countries, their commitments under the Paris agreement to reduce carbon emissions, and corporate sustainability goals.
