Riyadh, July 4, 2024: Reiterating its commitment to promoting sustainable practices, Sawani, a Public Investment Fund (PIF) portfolio company specializing in elevating the camel milk industry within KSA, has signed a memorandum of understating (MoU) with the Regional Voluntary Carbon Market Company (RVCMC), a carbon credit company established by PIF and Saudi Tadawul Group.
The MoU seeks to foster cooperation between the two entities in the voluntary carbon market, including initiatives for carbon trading and decarbonization using high-integrity carbon credits.
The collaboration was formalized in a special ceremony held at Sawani’s HQ in Riyadh. The MoU to this effect was signed by Ahmed Gamaledeen, CEO of Sawani, and Riham ElGizy, CEO of RVCMC, in the presence of senior administrative officials from both companies.
In line with the commitments and ambitions outlined in the MoU, Sawani and RVCMC will actively work towards scaling the voluntary carbon market in Saudi Arabia by trading carbon credits. Additionally, the joint efforts will strengthen contributions to climate action in Saudi Arabia, the MENA region, and globally.
Commenting on the MoU, Ahmed Gamaledeen, CEO of Sawani, said: “We are delighted to partner with RVCMC as part of our ongoing commitment to playing an active role in climate action. This collaboration underscores Sawani’s unwavering dedication to promoting environmental sustainability in line with Vision 2030. We are confident that these joint efforts will accelerate the organization’s sustainability goals and further solidify our reputation as a socially and environmentally responsible business.”
Elaborating on the significance of the MoU, Riham ElGizy, CEO of RVCMC, commented: “Increasing numbers of Saudi companies are setting sustainability targets, and RVCMC is proud to extend support to corporates nationwide as they embark on strategies to reduce their carbon emissions. The MoU with Sawani represents a significant milestone in RVCMC's ongoing sustainability journey. The shared commitment and synergies of both companies will continue to advance KSA's sustainability initiatives, contributing to a positive impact on the environmental responsibility landscape.”
According to the MoU, Sawani will purchase a minimum of 10,000 carbon credits from RVCMC in 2024. During the two-year duration of the MoU, Sawani will exclusively collaborate with RVCMC in purchasing and selling voluntary carbon offsets. RVCMC will provide advice and support to Sawani on emission measurement, decarbonization strategies and carbon offsetting. Additionally, RVCMC will advise Sawani on potential co-investment opportunities in carbon credit generation projects and assist in generating carbon credits through applicable methodologies.
RVCMC’s mission is to guide and support business sectors in the MENA region, enabling them to contribute to global efforts towards achieving carbon neutrality. The company also enhances PIF’s support for the Saudi Green Initiative, serving as an engine for development and economic diversification in KSA.
It is worth noting that Sawani aims to becoming the leading brand in camel milk products in Saudi Arabia, supplying high-quality national products to local and international markets. Sawani is also committed to elevating the cultural significance of camels in KSA, while fostering growth in the camel sector and increasing production capacity through the adoption of modern operational practices, localized knowledge, and cutting-edge technologies in food and agriculture.
