Saudi PIF, Tadawul to set up exchange for carbon offset market-SPA | Reuters
Saudi Arabian sovereign wealth fund Public Investment Fund and the Saudi stock exchange Tadawul plan to establish a voluntary exchange in Riyadh for offsets and carbon credits within the Middle East and North Africa Region, the state news agency SPA reported on Friday.
This initiative aims to be the primary destination and main platform for companies and institutes that target reducing their emissions, or contributing towards the reduction, SPA said.
Saudi Arabia's Crown Prince Mohammed bin Salman has said in the past the kingdom aims to reduce its carbon emissions by generating 50% of the country's energy from renewables by 2030.
Earlier this year, 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 the implementation of the Paris Agreement on climate change.
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