Ashraf AboArafe
Today, the National Committee for the Clean Development Mechanism announced the activation of the market mechanism to compensate and balance greenhouse gases, during the 2023 Middle East and North Africa Climate Week, currently being held in Riyadh.
This step reflects the Kingdom’s pioneering role in the region in confronting the challenges of climate change and enabling institutions to reduce their emissions, as part of its efforts in this field aimed at contributing to reducing the negative effects resulting from climate change, in implementation of the directives of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and President. The Council of Ministers – may God protect him -, in a way that achieves the goals of environmental sustainability in Saudi Vision 2030 in this field.
The announcement of activating the greenhouse gas compensation and balancing mechanism today comes in implementation of the initiative to introduce the local market mechanism announced by His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, during the Saudi Green Initiative on the sidelines of the twenty-seventh Conference of the Parties to the United Nations Climate Change Convention (COP27). ) in Sharm El Sheikh in November 2022, reflecting the Kingdom’s efforts to confront climate change
The market mechanism to compensate and balance greenhouse gases will be available to all parties within the Kingdom, as it is an incentive to develop emission reduction and removal activities. To achieve the Kingdom’s ambitious goal of reaching zero neutrality by 2060 AD.
Secretary General of the National Committee for the Clean Development Mechanism, Abdullah Al-Sarhan, said: “We are proud to support the Kingdom’s climate ambitions by launching a market mechanism to compensate and balance greenhouse gases, as this mechanism will enable entities throughout the Kingdom to achieve their goals and obtain certificates to reduce and eliminate emissions, which will enable It contributes to strengthening efforts to build a sustainable, low-emission future.”
The approach of this mechanism is comprehensive and integrated, and allows entities within the Kingdom to make the most of the local market mechanism for emissions management.
In line with the United Nations Framework Convention on Climate Change, the market mechanism to offset and balance greenhouse gases will support the Kingdom’s Nationally Determined Contributions and provide numerous financial opportunities among national entities striving to achieve their climate goals. Media Section of the Embassy of the Kingdom of Saudi Arabia in Cairo.
