RIYADH: Saudi Arabia’s Regional Voluntary Carbon Market Co. has announced the signing of a memorandum of understanding with Marubeni Saudi Investment Co. to cooperate in the field of carbon credit trading.
The company, founded by the Public Investment Fund and the Saudi Tadawul Group, said that the move represents a significant expansion of its global presence and strengthens its relationships in Asian markets, according to the Saudi Press Agency.
It has also signed a partnership with Singapore-based Climate Bridge International to serve as a consulting partner. The two parties will collaborate to enhance and expand carbon projects in the Kingdom and Global South countries.
Climate Bridge International specializes in designing and implementing strategies aligned with climate efforts, including carbon project development, sustainability innovation, policy development support, and fostering multilateral cooperation.
The partnerships with both Marubeni and Climate Bridge International reinforce RVCMC’s role as a leading global platform characterized by high transparency and integrity, connecting carbon credit buyers and suppliers across regions while expanding access to reliable, high-quality climate solutions.
These partnerships reflect growing international confidence in the Kingdom’s efforts to build an institutional-standard carbon market, increasing interest from Asian companies in the Saudi economy, and enhanced cooperation in the fields of sustainability, green investment, and climate action.
The agreements were signed on the sidelines of the Priority Summit of the Future Investment Initiative in Tokyo, in the presence of the Ambassador of the Custodian of the Two Holy Mosques to Japan, Ghazi bin Faisal bin Zagr, and the Chairperson of the Board of Directors of RVCMC, Rania Nashar, underscoring the strategic importance of these partnerships.
Fadi Saadeh, acting CEO and head of technology at RVCMC, explained that this partnership with Marubeni enhances the company’s presence in Asian markets, supports the platform’s evolution toward a globally interconnected market, and contributes to diversifying the membership base and strengthening its international standing.
It represents a new chapter in cooperation with leading Asian economies and reflects the confidence global partners place in the Kingdom’s efforts to build a transparent, world-class carbon market that creates real and tangible impact across various regions.
He welcomed Climate Bridge International as a consulting partner, enabling entities in the Kingdom and the region to benefit from the expertise of this leading Singaporean company.
For his part, Naoki Tamaki, chairman of the Board of Directors of Marubeni Saudi Investment Co., affirmed that the MoU with RVCMC aligns with Saudi Vision 2030, combining RVCMC’s expertise in developing a high-integrity carbon market with Marubeni’s global experience in trading carbon credits and renewable energy.
He noted that through this MoU, the aim is to contribute to the Kingdom’s transition toward a low-carbon economy and support the establishment of a transparent and reliable carbon market ecosystem, promoting sustainable economic growth in Saudi Arabia and the Middle East region.
Alvin Lim, CEO of Climate Bridge International, stated that cooperation with RVCMC is based on uniting the strengths of both parties. The company contributes its expertise in market building and project development.
This integration enables the formation of a new generation of technically efficient, investment-ready carbon projects inside and outside the Kingdom that align with the highest integrity standards.
RVCMC launched the first voluntary carbon credit trading platform in the Kingdom of Saudi Arabia on Nov. 12, 2024. The platform was designed to meet market requirements for transparency, scalability, and increased liquidity by providing institutional infrastructure.
This facilitates transparent and secure transactions and provides access to price and data information for carbon credit projects, a fundamental factor for global market growth and providing a price indicator for projects in the Middle East and North Africa region.
Additionally, the platform is open to markets, integrates with leading global registries, and has the potential to develop specialized infrastructure for trading carbon credits to enable Islamic finance. It offers a market for auctions, requests for quotes, reported trading functions, alongside other services to be launched in the future.
The voluntary carbon offset market is expected to grow in terms of traded capital volume, rising from $2 billion in 2020 to approximately $250 billion by 2050.
To enhance the growth of the voluntary carbon market in the Kingdom and the region, RVCMC’s trading platform is designed to provide institutional infrastructure for both sellers and buyers, adding further speed and security to transactions..
