• 15 Saudi and regional entities participated in the auction, with Aramco, Olayan Financing Company and MA'ADEN purchasing the largest number of carbon credits 
  • The auction offered high-quality , CORSIA-compliant and Verra-registered carbon credits
  • The auction plays an important role in PIF’s wider efforts to drive investment and innovation required to address the impact of climate change

RIYADH – The Public Investment Fund (“PIF” or the “Fund”) today announced the successful auction of 1.4 million tons of carbon credits, in the largest-ever carbon credit sale that was held on the first day of the 6th Edition of the Future Investment Initiative (“FII”) in Riyadh. 
15 Saudi and regional entities took part in the auction and at the closing ceremony certificates were presented to the participants by Yazeed Al-Humied, Deputy Governor and Head of MENA Investments for their participation in the auction.

Aramco, Olayan Financing Company and Saudi Arabian Mining Company (MA'ADEN) purchased the largest number of carbon credits. The other successful bidders at the auction are as follows:

  • Abdul Latif Jameel 
  • ACWA POWER Company 
  • ENOWA (a subsidiary of NEOM)
  • GOLF SAUDI 
  • Gulf International Bank 
  • International Islamic Trade Finance Corporation 
  • Saudi Basic Industries Corporation (SABIC) 
  • Saudi Motorsport Company (SMC)
  • Saudi National Bank 
  • SAUDIA 
  • Yanbu Cement Company 
  • Zamil Group Holding Company 

The auction offered high-quality CORSIA-compliant and Verra-registered carbon credits to support businesses operating in a diverse range of industries in the region as they play their part in the global transition to net zero, ensuring that carbon credit purchases go above and beyond meaningful emission reductions in value chains. The auction will play an important role in PIF’s wider efforts to drive investment and innovation required to address the impact of climate change and support Saudi Arabia’s efforts to achieve net zero by 2060.

The VCM initiative is a continuation of PIF’s efforts to support Saudi Arabia’s green agenda and follows previous announcements by the Fund, including the completion of its USD 3 billion inaugural green bond, and the various renewable projects PIF is spearheading as part of its commitment to develop 70% of Saudi Arabia’s renewable energy capacity, in line with Vision 2030.

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About PIF: 

The Public Investment Fund (“PIF”) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the Board was reconstituted and oversight transferred to the Council of Economic and Development Affairs, the Fund’s board of directors has been chaired by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz Chairman of the Council of Economic and Development Affairs Chairman of the Public Investment Fund. PIF plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, the Fund has established 58 companies and created, directly and indirectly, more than 500,000 jobs as at the end of 2021. 

PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. The Fund's strategy, as set out in the PIF Program 2021-2025 - one of the Vision 2030 realization programs - aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to injecting at least 150 billion riyals annually into the local economy. PIF works to transfer technologies and localize knowledge to build a prosperous and sustainable economy in Saudi Arabia. As the investment arm of Saudi Arabia, the Fund looks to make unique investments, and is building strategic alliances and partnerships with prestigious international institutions and organizations, which contribute to achieving real long-term value for the Kingdom in line with the objectives of Vision 2030. PIF has also created an operational governance model that reflects its main tasks and objectives, in line with best international practices. Applying this model of governance enhances the level of transparency and effectiveness in decision-making and future progress. 
   
More information about PIF can be found at www.pif.gov.sa 
Media Contact: media@pif.gov.sa