The Voluntary Carbon Market Company (VCM) has signed a major agreement with Enowa, the energy and water subsidiary of NEOM, to deliver over 30 million tonnes of carbon credits by 2030.
This long-term collaboration supports Saudi Arabia’s vision of becoming a global hub for voluntary carbon markets.
Under the agreement, VCM, backed by Saudi Arabia’s Public Investment Fund and Tadawul Group, will supply high-integrity carbon credits sourced mainly from climate action projects in the Global South.
These credits are transacted through VCM’s newly launched carbon credit exchange, which aims to bring transparency and scalability to the carbon market.
The first credit delivery occurred on December 19, 2024.
Riham ElGizy, CEO of VCM, emphasized the strategic importance of the partnership, stating the deal with Enowa marks “a significant moment in Saudi Arabia’s journey to drive growth in global voluntary carbon markets.”
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Enowa, which powers NEOM with renewable energy, has been an active buyer in VCM’s past auctions in Saudi Arabia and Kenya.
Jens Madrian, Acting CEO of Enowa, said that the company is proud to be the first in Saudi Arabia to enter into a large-scale, long-term agreement with VCM this year.
VCM’s exchange platform is designed to offer institutional-grade infrastructure, global registry integration, and tools like auctions, requests for quotation (RFQ), and block trades, with plans to expand into spot markets by 2025.
The market is projected to grow from $2 billion in 2020 to $250 billion by 2050, positioning Saudi Arabia as a key player in the future of climate finance.
