Saudi sovereign wealth fund to create decarbonization company
Saudi entities have also announced green hydrogen projects in recent weeks.
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.
Why it matters: Saudi Arabia is one the biggest oil producers in the world, as well as one of the Earth’s biggest carbon polluters. Oil is a major driver of economic growth in the kingdom.
At the same time, Saudi Arabia is seeking to reduce its dependence on oil and has invested in an array of renewable energy and green technology projects this year.
