RIYADH: Saudi Tadawul Group and the Regional Voluntary Carbon Market Co. have announced the first sustainability-focused edition of the Capital Markets Forum, titled “Select — Red Sea,” the Saudi Press Agency reported.
The announcement was made at an event in Riyadh attended by officials from the capital markets, sustainability and corporate sectors.
The forum, to be held on Nov. 24, will bring together investors, companies, policymakers, market participants and sustainability leaders to explore the growing links between capital markets, climate finance and carbon markets.
As part of the event, the Regional Voluntary Carbon Market Co. will host the first issuance of Saudi carbon credits on its platform later this year, marking a major milestone in the Kingdom’s voluntary carbon market. The credits will be generated from projects in Saudi Arabia.
Fadi Saad, the company’s chief executive, said the partnership will strengthen the role of climate finance and carbon markets in the Kingdom’s capital markets.
He said the first issuance of Saudi carbon credits on the platform will mark a milestone for the market, reflecting progress in developing Saudi-origin carbon credits and building a trusted carbon market ecosystem.
Khalid Al-Hussan, chief executive of Saudi Tadawul Group, said the forum was established to bring together institutions and leaders shaping the future of capital markets as sustainability becomes increasingly important to investors, companies and economies worldwide.
He said the forum will provide a platform for dialogue, partnerships and opportunities in sustainable finance, further strengthening Saudi Arabia’s position as a growing investment and capital markets hub.
The Kingdom is building a pipeline of carbon projects, with more than 30 initiatives under development that are expected to generate Saudi-origin carbon credits in the coming years.
The projects include nature-based solutions, industrial decarbonization and innovative carbon removal technologies, reflecting growing participation from international developers and local organizations.
More than 30 companies have also signed memoranda of understanding with the Regional Voluntary Carbon Market Co., expressing their intention to participate in the inaugural issuance of Saudi carbon credits.
