Riyadh – Mubasher: The global low-carbon energy company ENGIE has participated in the largest-ever auction of carbon credits that was organised by the Regional Voluntary Carbon Market Company during the future investment initiative (FII).
ENGIE GEMS entity traded 483,100 carbon credits for the auction, recording the largest single contribution to the 1.40 million carbon credits that were sold as part of the Middle East North Africa Voluntary Carbon Market in the largest-ever carbon credit sale.
The transaction aligns with the entity’s mission to fast-track the transition towards a carbon-neutral global economy through the provision of diverse carbon and renewables solutions, according to a press release.
CEO at ENGIE GEMS in Asia-Pacific (APAC), Varun Gujral, said: “As a global reference in low-carbon energy and services, with a purpose to provide clients with a wide range of solutions to accelerate the energy transition, we are delighted to have participated in the largest-ever auction of carbon credits organized by the Regional Voluntary Carbon Market Company.”
Meanwhile, Riham ElGizy, Director of VCM Initiative, commented: “Dedicated to supporting the investment and innovation needed to deliver necessary climate action, and participate in Saudi Arabia’s efforts to achieve net zero by 2060, the auction represented the first step towards becoming a leading player in the global voluntary carbon market ecosystem”.
ENGIE’s CEO for Saudi Arabia, Turki Al Shehri, noted: “We are proud to contribute to the Voluntary Carbon Market initiative as it plays a pivotal role in addressing the impact of climate change, while Saudi Arabia is committed to achieve net zero by 2060.”
Al Shehri added: “For as long as we are present in Saudi Arabia, at ENGIE, we will continue to lend our expertise and support to our customers and stakeholders in support of decarbonisation.”
It is worth noting that a total of 15 Saudi and regional entities took part in the auction.
Last October, the Public Investment Fund (PIF) unveiled the establishment of the Regional Voluntary Carbon Market, where PIF holds a majority 80% stake while the listed Saudi Tadawul Group Holding Company owns the remaining equity.
