Nairobi hosts world’s largest carbon credits auction

carbon credits

The world’s largest carbon credit auction saw over two million tons of carbon credits auctioned to more than 16 companies.

At the second regional voluntary carbon market company’s (RVCMC) carbon credit auction in Nairobi, Kenya, over two million tons of high-quality CORSIA-eligible, and Verra-registered carbon credits auctioned to more than 16 companies from Saudi Arabia, including Olayan Financing Company.

Nabeel Al-Amudi, CEO of Olayan Financing Company, said: “We firmly believe that as a leading private sector company, it is imperative to not only find effective solutions, but also to innovate in our approach to combat climate change. This endeavour by RVCMC represents a significant stride toward a more sustainable future for both the Kingdom as well as the rest of the world. We take immense pride in supporting this ambitious initiative yet again by participating in this latest round of the auction.”

The projects featured in the Nairobi auction encompass a diverse range of carbon avoidance and removal initiatives, primarily originating from Africa. Notable endeavours include the provision of improved clean cookstoves to communities in Kenya and Rwanda, as well as renewable energy projects in Egypt and South Africa. Olayan Financing Company’s involvement in the auction demonstrates its dedication to sustainable practices and its commitment to making a positive impact on local communities and the environment.

This recent participation in the RVCMC carbon credit auction is the second for the company, following the successful event held in Riyadh in October 2022. During the Riyadh auction, Olayan Financing Company emerged as one of the foremost supporters of the initiative, furthering the company’s objective to aid and contributes to the development of a market-based solution for financing green initiatives.

Olayan Financing Company prioritises sustainability as a core aspect of its business, adopting effective methods to limit its impact on the environment and prioritise the welfare of its employees, the communities it serves, and the planet. As a result, the companies within Olayan Financing Company’s portfolio work towards decreasing their energy and water usage, greenhouse gas emissions, and waste production. Over the years, the company has consistently assessed its sustainability performance and aims to make a positive difference in environmental and social aspects across all its activities, generating significant and lasting effects in Saudi Arabia and beyond.

The Olayan Financing Company is a diversified portfolio of over 32 companies and global investments which extend across Saudi Arabia, the wider Middle East, and North Africa, Turkey, and India. Investments extend to public equities, private equities, strategic partnerships, and real estate assets with a multicultural workforce comprising more than 14,500 qualified professionals, representing over 60 nationalities.

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