Saudi Carbon Market Gains Momentum

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Transcript

00:00Could I just start by asking you to tell us very simply, what has VCM achieved since its

00:06launch three years ago? Okay, let me start by going at the history of the company. The company

00:12was incorporated in 2022, but the real announcement for it was in September 2021 by His Royal Highness

00:19the Crown Prince of Saudi Arabia. And he enacted Saudi Tadell and the Public Investment Fund of

00:25Saudi Arabia to look into that project and launch it to be the first pioneering carbon market in

00:29our region. So that's the beginning of it. When we looked at the market over here, there was zero

00:35demand, zero supply, and zero knowledge about what is a voluntary carbon market. This was our

00:42starting point. Today where we are, we are having 30 corporations from the Kingdom of Saudi Arabia

00:48subscribing into our market that covers 70% of the total emissions in the Kingdom. We have launched

00:55back-to-back three massive auctions, the largest in the history of the market, and that tells you

01:00the size of it. And today we are announcing our agreement with ANOA, which is a landmark agreement.

01:06So these are steady steps that we have been going from one auction to the other to establish demand

01:12and see the size of the supply and see, and as well building the ecosystem. It's not about agreements.

01:18It's not about auctions. It's about an ecosystem in the Kingdom. Since our incorporation, there

01:26has been a lot of companies that have been set up in the Kingdom to support the ecosystem. So all of

01:31this, the vibrance behind the market here in the Kingdom and the region, this is something that we

01:36need to account for as well.