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Saudi sovereign wealth fund to create decarbonization company

Saudi entities have also announced green hydrogen projects in recent weeks.
MIKE NELSON/AFP via Getty Images

The Saudi Public Investment Fund announced yesterday it will establish a company focusing on decarbonization. 

The sovereign wealth fund owns 80% of the Regional Voluntary Carbon Market Company, while the Saudi Tadawul Group Holding joint stock company owns the other 20%. The company will help businesses reduce carbon emissions, the official Saudi Press Agency reported. 

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