HomeCarbon NewsSaudi Arabia Releases New Carbon Plan

Saudi Arabia Releases New Carbon Plan

Saudi Arabia announced on Friday a plan to establish an exchange for carbon credits and carbon offsets. The exchange is called the Riyadh Voluntary Exchange Platform and will trade carbon credits for countries throughout the Middle East and North Africa.

As a result, companies in the regions mentioned above will be able to reduce carbon emissions by exchanging carbon credits.

This move comes as Saudi Arabia plans to keep within the Paris agreement’s temperate goal of 1.5 degrees Celsius above pre-industrial levels. As well, the COP26 climate conference is coming up in November.

In March, Saudi Arabia announced it would plant 50 billion trees across the Middle East. 10 billion trees are to be planted directly in Saudi Arabia while the remaining 40 billion trees will be planted in neighboring countries. In addition, the Saudi plan to reduce carbon emissions includes increasing biodiversity on land and in the sea. Also, half of the country’s power will come from renewable energy sources by 2030.

As a major exporter of oil, the Saudi Arabians are under pressure to conform to renewable sources. Oil is one power source that could be phased out in the future. The Saudi Arabians must be prepared for when that day comes.

Most Popular
LATEST CARBON NEWS

2024 is The Golden Era For Europe’s Renewable Energy: Here’s Why

In 2024, Europe's market for renewable power purchase agreements (PPAs) is poised for substantial growth. Moreover, major mergers and acquisitions (M&A) also happened in...

Audi and Alfa Romeo Take The Ride to Electrification

Amid the rapid adoption of electrification, electric cars are reshaping the automotive industry, promising enhanced performance, efficiency, and a cleaner future. This momentum is...

Is the EV Market’s Momentum Slowing?

Bloomberg Outlook 2024 According to the Bloomberg EV Outlook Report, the global electric vehicle (EV) market in 2024 shows varied progress across different regions and...

Microsoft Strikes 2 Record-Breaking Carbon Credit Deals

Microsoft has entered into a groundbreaking agreement with BTG Pactual Timberland Investment Group (TIG), committing to provide 8 million carbon removal credits, marking the...
CARBON INVESTOR EDUCATION

What Is COP28? Key Issues to Watch Out at 2023 Climate Summit

After a record-breaking year of devastating effects of climate change, from record wildfires in Greece and Canada to floods in Libya, the United Nations...

Climate Disclosure: New Corporate Standards for a Net Zero World

As part of the world’s continued efforts to combat climate change and transition towards net zero, one important piece of the puzzle is new...

Carbon Pricing: Understanding The Economics and Trends of Fighting Climate Change

As global temperatures continue to rise, the urgency surrounding climate policies has intensified, thrusting carbon pricing into the limelight of climate discussions. The race to...

The EU Corporate Sustainability Reporting Directive (CSRD): Key Things to Know

Companies operating in the European Union will have to deal with new non-financial and sustainability reporting requirements starting January 2024 with the EU's Corporate...