RIYADH: More than 30 million tonnes of high-integrity carbon credits are set to be delivered by 2030 under an agreement aimed at supporting Saudi Arabia’s net-zero ambitions.
The long-term deal was signed between ENOWA — NEOM’s energy and water subsidiary — and the Voluntary Carbon Market Co., a unit of the Public Investment Fund.
According to the Saudi Press Agency, the credits will be sourced from global climate action projects, primarily in the Global South, with the first batch scheduled for delivery via the market platform in December.
This agreement is a key step in the Kingdom’s efforts to build a scalable voluntary carbon market, and will enable ENOWA to offset its current emissions as it develops renewable infrastructure to power NEOM’s future sectors and projects.
The deal also contributes to Saudi Arabia’s broader goal of achieving net-zero emissions by 2060 through the development of a robust carbon trading infrastructure focused on high-quality credits and meaningful climate impact.