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Demand for carbon offsets, generated through projects such as tree planting or using cleaner cooking fuel, is expected to grow as companies seek to use the credits to help meet net-zero emissions goals.
Companies from Saudi Arabia bought more than 2.2 million tonnes of carbon credits on Wednesday as the Kenyan capital hosted what organisers have billed as the world's largest sale of its kind, Reuters reported.
Demand for carbon offsets, generated through projects such as tree planting or using cleaner cooking fuel, is expected to grow as companies seek to use the credits to help meet net-zero emissions goals.
Some 16 Saudi firms, including Aramco and Saudi Electricity Company, paid 23.50 Saudi riyals ($6.27) per metric tonne of carbon credits, auction organiser Regional Voluntary Carbon Market Company (RVCMC) said.
The company, which will launch a full-time exchange in Riyadh in the first six months of next year, was founded by the Saudi Public Investment Fund and Saudi Tawadul Group.
The credits auctioned were certified and come from projects that avoid emissions by using sustainable technologies or removing carbon from the atmosphere, RVCMC said.
RVCMC, which held its first auction of 1.4 million tonnes of carbon credits in Riyadh last October, said it chose Kenya to highlight the need for investments in climate projects.
(With input from agencies)
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466