The Regional Voluntary Carbon Market Company (RVCMC) has launched a new carbon market exchange platform aimed at advancing Saudi Arabia’s goal of becoming a global leader in voluntary carbon markets by 2030.
The platform opened with 23 Saudi and international companies participating, which is a major step for Saudi Arabia in financing high-integrity climate projects in the Global South.
With an initial auction on the platform trading more than 2.5 million tonnes of carbon credits, RVCMC is prioritising projects that align with the Paris Agreement’s objectives and global net-zero targets.
The platform is expected to enable scalability, transparency, and increased liquidity in carbon markets, meeting the needs of institutional buyers and sellers alike.
RVCMC’s platform leverages cutting-edge technology provided by Xpansiv, a leader in infrastructure for energy transition markets. It is designed to provide a seamless, secure, and fast-trading experience. Among its offerings are institutional-grade transaction capabilities, data insights for price discovery, and integrated connections to global registries.
The platform also features auction markets, RFQs (request for quotes), and block trading, with plans to add spot market functions in 2025. In line with Saudi Arabia’s regulatory landscape, the exchange also has specialised infrastructure to support carbon credit trade within Islamic finance.
The initial carbon credit auctions aim to channel finance toward high-quality climate projects that meet stringent standards of environmental integrity. Among the 17 climate projects represented in this auction, 75% originate from developing countries across the Global South, including nations such as Bangladesh, Brazil, Ethiopia, Malaysia, Pakistan, and Vietnam.
The platform’s debut saw a clearing price of SAR 37.5 ($10) per tonne, with funds supporting a variety of climate solutions. These projects range from methane-capturing landfill initiatives to reforestation efforts in Ethiopia’s Humbo region and carbon capture technology for concrete in the United States.
RVCMC’s launch comes at a critical time as global demand for voluntary carbon markets is projected to reach $100 billion by 2030, offering vital support to emerging economies.
According to Riham ElGizy, CEO of RVCMC, “To accelerate global decarbonization, we must unlock financial flows to critical climate projects on an enormous scale.” She emphasized the need for “high-integrity voluntary carbon markets” as a key solution to the climate finance gap, which remains a priority at COP29.
In alignment with Saudi Arabia’s climate goals, RVCMC’s latest venture follows two successful voluntary carbon credit auctions—the first in Riyadh and the second in Nairobi—that together sold over 3.6 million tonnes of credits.
The efforts underscore Saudi Arabia’s commitment to net-zero emissions by 2060, with the Public Investment Fund (PIF) leading initiatives to drive the necessary investment and innovation.
Saudi Arabia’s vision includes building a robust ecosystem for carbon markets, working in close collaboration with major domestic and international corporations. The 23 companies joining RVCMC’s new exchange represent diverse sectors, including major players like Aramco Trading Company, Ma’aden, Flynas, and Gulf International Bank.
Others participants are Alpha Star, Eastern Province Cement Company, Energroup Limited, Golf Saudi, International Islamic Trade Finance Corporation (ITFC), Saudi Aramco Base Oil Company Luberef, PIF, Red Sea Global (RSG), SAB, SABIC, Saudi Top Plastic Factory, SCB Environmental Markets SA, Saudi Electricity Company (SEC), SNB, SOCAR, Valitera, Yamama Cement Company, Yanbu Cement Company.
The launch also included prominent global partners, such as the International Islamic Trade Finance Corporation and SOCAR, Azerbaijan’s state oil company, indicating widespread commitment to advancing climate goals.
The inaugural transactions offer a blueprint for future initiatives across Asia, Latin America, and Africa. Projects funded through these carbon credits span a variety of climate solutions: from preserving biodiversity and restoring forests to innovative carbon storage technologies. Through this platform, Saudi Arabia aims to transform words into actions, creating real impact in line with COP29’s agenda.
RVCMC was founded by PIF and the Saudi Tadawul Group (STG) in 2022 to strengthen Saudi Arabia’s role in the global energy transition. The launch is a key step forward, with the platform poised to serve as a conduit for high-quality climate financing and carbon credit trading, allowing businesses worldwide to participate in sustainable initiatives.
This launch strengthens Saudi Arabia’s position in the voluntary carbon market while supporting emerging economies in their transition to low-carbon futures.
As RVCMC’s platform expands, it will continue to provide essential resources and frameworks to ensure the MENA region remains at the forefront of global climate action, providing a scalable solution for businesses and investors aiming to make a positive environmental impact.
