Doha, January 27 (QNA) - The Global Carbon Council (GCC) and the Regional Voluntary Carbon Market Company (VCM), established by the Public Investment Fund and Saudi Tadawul Group, have signed a strategic partnership to scale voluntary carbon markets through trusted standards and institutional-grade trading infrastructure.

In a joint statement issued Tuesday, the two entities said that, under this partnership, carbon credits certified by GCC are now being traded on the Regional Voluntary Carbon Market Company's platform in Saudi Arabia.

The statement noted that the partnership has demonstrated strong market momentum, with more than 600,000 tons of GCC-certified carbon credits traded during the first month following their inclusion on the platform.

The statement further explained that this early trading activity highlights growing regional demand for high-integrity, independently verified carbon credits, and underscores the role of VCM in enabling price discovery, enhancing liquidity, and providing transparent access to the market.

It added that GCC has developed an international carbon credit certification program that issues tradable credits to registered projects based on verified, results-based greenhouse gas emission reductions and removals.

The program is the first international carbon market program in the Global South to receive accreditation from the International Civil Aviation Organization (ICAO) under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), in addition to accreditation from the International Carbon Reduction and Offset Alliance (ICROA).

This positions the GCC program as a key gateway for channeling high-integrity climate finance into emerging markets. Governments and companies can use GCC-certified credits to meet and enhance their climate ambitions, including supporting Nationally Determined Contributions (NDCs) and enabling the trade of Internationally Transferred Mitigation Outcomes (ITMOs).

The availability of GCC credits on the Regional Voluntary Carbon Market Company's platform also expands access to globally recognized credits for buyers in Saudi Arabia and the wider region.

Dr. Yousef Alhorr, Founding Chairman of GCC, said on the occasion: "Our partnership with the Regional Voluntary Carbon Market Company enables GCC-certified projects to access a transparent institutional marketplace, opening new avenues and sources of demand. The early trading volumes not only demonstrate the ability of exchange-based platforms to accelerate climate finance and support national climate objectives, but also reflect the strong standing and deep-rooted trust that the Global Carbon Council has established as a leading global carbon market program".

For his part, Fadi Saadeh, Acting Chief Executive Officer and Head of Technology of VCM, said: "This strategic partnership with the Global Carbon Council reflects our efforts to scale voluntary carbon markets through credible standards and real market activity. The strong trading volumes witnessed during the first month since launch demonstrate growing confidence in the Saudi carbon market and the role played by VCM's platform in connecting high-quality supply with regional and global demand".

Noteworthy, VCM launched Saudi Arabia's first voluntary carbon credit trading platform in November 2024. The platform is designed to support a transparent, scalable, and increasingly liquid market by providing institutional-grade infrastructure, effective price and data discovery mechanisms, open connectivity with global registries, and multiple trading mechanisms, including auctions and request-for-quote services. (QNA)