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Plastics manufacturer Saudi Top has signed an MoU with the PIF-backed Regional Voluntary Carbon Market Company (RVCMC) to trade carbon credits, according to a disclosure to Tadawul. The agreement will last a period of three years.
REMEMBER- RVCMC has been preparing for the carbon market: RVCMC hired global ESG commodities exchange platform Xpansiv in April to provide a tech base for the carbon credit exchange. The company also signed two MoUs with Kenya’s main dry cell battery maker Eveready East Africa and Carbon Vista Nigeria to set up high-quality and impactful carbon projects in the two countries last year. RVCMC also held a carbon credit auction in Nairobi which drew big demand from over a dozen firms who bid on an available 2 mn tons of carbon credits last year.
Only “high-integrity” carbon credit projects will be allowed to list: The RVCMC will set “tight guiderails for the exchange to ensure the listing of high-integrity carbon credit projects only,” a company statement said in April.
The platform should come online this year: RCVMC plans to launch its carbon trading exchange in the 2H 2024, before which the company aims to make available exchange and advisory services to buyers and suppliers. The regional voluntary carbon credits market (VCM) could also see CO2 trading reach 100-150 mn tons by 2030, CEO Riham ElGizy told Arab News last year.
