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Saudi Arabia to Launch Greenhouse Gas Credits Scheme in 2024

16 Saudi companies, including industry titans such as Aramco and the Saudi Electricity Company, have already made strides in carbon credit procurement.

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saudi de facto ruler Muhammad bin salman

Saudi Arabia is set to introduce a groundbreaking Greenhouse Gas Crediting and Offsetting Mechanism (GCOM) early next year, offering a unique opportunity for companies to counterbalance their emissions.

This initiative seeks to encourage the widespread adoption of emission reduction and removal activities, aligning with national climate strategies, policies, and programs.

Industry giants already onboard

Notably, 16 Saudi companies, including industry titans such as Aramco and the Saudi Electricity Company, have already made strides in carbon credit procurement.

In a recent auction organized by the Regional Voluntary Carbon Market Company (RVCMC), these firms acquired over 2.2 million tonnes of certified carbon credits.

These credits stem from projects employing sustainable technologies or actively removing carbon from the atmosphere.

Saudi’s sustainable future

GCOM’s launch is a significant step towards curbing greenhouse gas emissions while fostering sustainable practices across industries.

As 2023 approaches, companies worldwide will have the chance to participate in this voluntary scheme, advancing global climate initiatives.

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