HomeEnergy & SustainabilitySaudi: 1.4 million tons of carbon credits successfully auctioned at FII
By Economy Middle East
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October 26, 2022 7:39 pm

Saudi: 1.4 million tons of carbon credits successfully auctioned at FII

A total of 15 Saudi and regional entities took part in the auction
Saudi carbon auction
FII (Image credit: SPA)

Saudi Arabia’s Public Investment Fund (PIF) announced on Wednesday the successful auction of 1.4 million tons of carbon credits, in the largest-ever carbon credit sale in the world, which was held on Tuesday, the first day of the 6th edition of the Future Investment Initiative (FII) in Riyadh.

A total of 15 Saudi and regional entities took part in the auction, and at the closing ceremony certificates were presented to the participants by Yazeed Al-Humied, deputy governor and head of MENA Investments, for their participation in the auction, according to a press statement.

Saudi Aramco, Olayan Financing Company, and Saudi Arabian Mining Company (MAADEN) purchased the largest number of carbon credits. The other successful bidders at the auction were Abdul Latif Jameel Co.; ACWA Power Company; ENOWA, a subsidiary of NEOM; Golf Saudi; Gulf International Bank; International Islamic Trade Finance Corporation; Saudi Basic Industries Corporation (SABIC); Saudi Motorsport Company (SMC); Saudi National Bank; Saudi Airlines; Yanbu Cement Company; and Zamil Group Holding Company.