What is the platform that Saudi Arabia intends to establish in the field of carbon reduction?
An initiative between the Public Investment Fund and the Saudi Stock Exchange to trade and exchange carbon insurance and compensation in the Middle East and North Africa.
What are the objectives of the platform?
It seeks to be the main platform in the region and the primary destination for companies and various sectors that aim to reduce or contribute to carbon emissions.
The Saudi Press Agency said that the Public Investment Fund and the Saudi Stock Exchange (Tadawul) intend to establish a voluntary platform in Riyadh to trade and exchange carbon insurance and compensation in the Middle East and North Africa region.
The initiative aims, as reported by the agency, on Friday, to be the main platform in the region and the main destination for companies and various sectors that aim to reduce carbon emissions or contribute to it.
Saudi Crown Prince Mohammed bin Salman has previously said that the kingdom aims to reduce its carbon emissions by generating 50 percent of the country’s energy from renewable energy sources by 2030.
The agency quoted the Governor of the Public Investment Fund, Yasser Al-Rumayyan, as saying that the fund is working on a number of quality projects that derive their energy from renewable sources and use sustainable materials.
According to Al-Rumayyan, the fund is keen to employ its expertise in the financial fields to create an appropriate environment for this platform, based on its relationships, partnerships, and the strength of its investment portfolio.
Saudi Arabia joined the United States, Canada, Norway and Qatar in forming a new platform for oil and gas producers to discuss how they can support implementation of the Paris Agreement on Climate Change.