Gulf International Bank - Saudi Arabia Participates in Regional Voluntary Carbon Market Company’s Carbon Credit Auction at COP 29 in Baku, Strengthening its Sustainability Efforts

Gulf International Bank - Saudi Arabia (GIB – Saudi Arabia) announced its participation in the latest carbon credit auction held by the Regional Voluntary Carbon Market Company (RVCMC) on its new exchange platform, which took place in Baku, Azerbaijan this year alongside COP 29. GIB – Saudi Arabia’s participation underscores its commitment to advancing sustainable practices as part of its broader environmental goals. The auction by RVCMC beat its own previous record, selling over 2,500,000 metric tonnes of high-quality carbon credits, signalling growing demand in the market.

GIB – Saudi Arabia’s involvement forms part of an expanded Cooperation Agreement signed by GIB Saudi Arabia and RVCMC, which extends their collaboration for two additional years. Through the purchasing of verified carbon credits, GIB is actively working to neutralize a portion of its emissions and meet its sustainability objectives in alignment with both regional and global climate priorities.

Khaled Abbas, CEO of GIB - Saudi Arabia, said, “GIB - Saudi Arabia remains steadfast in supporting the Kingdom of Saudi Arabia’s long-term sustainability and decarbonization goals including important initiatives and organisations like RVCMC that are facilitating climate action. With our carbon credit purchases, we’re not only contributing to Vision 2030 but also providing much needed capital for the transition that RVCMC aims to support.”

Riham ElGizy, RVCMC’s Chief Executive Officer, said, “The world needs to use every tool at its disposal to tackle climate change and accelerate the transition to global net zero emissions.  High integrity voluntary carbon markets can help businesses complement their decarbonization efforts by offsetting small percentages of their emissions through high quality offsets, helping channel finance to climate projects.  The launch of RVCMC’s exchange platform in Baku was an important milestone in our journey to build one of the largest, high integrity voluntary carbon markets in the world by 2030.  We were delighted that GIB – Saudi Arabia showed its continued support for RVCMC by participating in the launch of our exchange platform.”