Saudi Arabia Holds Middle East’s First Carbon Offset Auction (1)

Saudi Arabia launched the Middle East’s first carbon offset auction, offering 1 million credits at the Future Investment Initiative conference in Riyadh on Tuesday.

The carbon credits comply with Corsia, a program run by the International Civil Aviation Organization, and are registered with world’s largest offsets verifier Verra, said Saudi Arabia’s Public Investment Fund in a statement.

Companies can buy credits on exchanges in order to offset some of the emissions they produce. The global voluntary carbon market has grown rapidly in recent years as corporations attempt to reach net-zero emissions.

Since Saudi Arabia’s system is voluntary, companies ...