Saudi Arabia Aims to Lead Carbon Credit Market for Developing Nations

Saudi Arabia is launching a major initiative to become the global center for trading carbon credits, with a focus on Asia and the Global South. The move aims to position the Kingdom at the heart of the growing market for emissions offsets. The Riyadh-based Regional Voluntary Carbon Market Company (RVCMC) announced its plan this week. It will connect buyers of carbon credits with projects that reduce emissions in developing countries. Carbon credits are permits that allow the holder to emit a certain amount of carbon dioxide. They are often bought to offset a company's own emissions. The company's chief executive, Riham ElGizy, stated the goal is to ensure more revenue from credit sales flows to climate projects in the Global South. "We want to create a trusted, high-integrity marketplace that scales up funding for these projects," ElGizy said. This initiative supports Saudi Arabia's broader economic strategy to diversify beyond oil. By building a major financial hub for carbon trading, the Kingdom seeks a leading role in the global energy transition. The first major auction on the new exchange is scheduled for later this year.