Gulf International Bank takes part in world’s largest carbon credit auction conducted by RVCM

Manama: Gulf International Bank (GIB or the Bank) took part in the Regional Voluntary Carbon Market Company (RVCMC or the Company) auction in Nairobi, Kenya, the world’s largest sale of voluntary carbon credits. This year’s auction, the second for RVCMC since its launch in 2022, saw more than 2 million tonnes of high-quality, CORSIA - eligible and Verra-registered carbon credits auctioned to more than 15 companies from Saudi Arabia and beyond.

GIB successfully participated in the auction by purchasing Carbon Credits. These credits, which will offset the Bank’s carbon emissions for 2022, have been generated through projects that either avoid the creation of CO2 emissions or capture and store emissions from the atmosphere. This is GIB’s second participation in the carbon credits auction held by RVCMC. In October 2022, RVCMC hosted its first auction at the 6th Edition of the Future Investment Initiative (FII) in Riyadh.

Representing GIB at the auction were Group Chief Investment and Treasury Officer, Sara Abdulhadi and Group Chief Sustainability Officer, Venetia Bell.

Nairobi was selected as the location for the auction to highlight the positive impact that voluntary carbon markets can play in bringing investment to emerging economies and projects that promote decarbonisation. A majority of projects related to the Nairobi auction originated in Africa. This includes projects that support the supply of improved clean cookstoves to communities in Kenya and Rwanda and renewable energy projects in Egypt and South Africa.

Commenting, Abdulaziz Al-Helaissi, GIB Group CEO, said, “We are delighted to have participated again in another landmark auction conducted by RVCMC. GIB’s ongoing partnership with the company reflects the Bank’s commitment to supporting regional and global net-zero commitments as well as broader initiatives from the Kingdom of Saudi Arabia to accelerate climate action. We’re especially pleased to see the auction take place in Nairobi, underscoring the importance of sustainable financing tools and solutions in funding the transition to a carbon neutral future, especially for developing economies in Africa and elsewhere. We look forward to our continued cooperation with RVCMC and supporting the net-zero journey of our clients in the MENA region and beyond.”