ENGIE, the global low-carbon energy company, participated in the largest-ever auction of carbon credits held during the future investment initiative FII, which was organized by the Regional Voluntary Carbon Market Company.
ENGIE GEMS entity traded a total of 483,100 carbon credits to Regional Voluntary Carbon Market Company for the auction. This was the largest single contribution to the 1.4 million carbon credits that were sold in the largest-ever auction of its kind.
Riham ElGizy, Director of VCM Initiative, said “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”.
“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”. said Varun Gujral, Chief executive officer at ENGIE GEMS in Asia-Pacific (APAC),
Turki Al Shehri, ENGIE’s CEO for Saudi Arabia, said, “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. 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 decarbonization.”
A mechanism designed to reduce greenhouse gas emissions, carbon credits are produced by developers who create carbon-reducing projects. Each carbon credit is CORSIA-compliant and Verra-registered. A single credit represents one ton of carbon dioxide that can make up for industrial production, delivery vehicles, or travel emissions. The 483,100 credits provided represent a reduction of 483,100 tons of carbon from the atmosphere
In total, 15 Saudi and regional entities took part in the auction, including Aramco, Olayan Financing Company, and Saudi Arabian Mining Company (MA'ADEN), which purchased the most significant number of carbon credits.