Saudi Arabia to launch greenhouse gases credits scheme next year

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman speaks during the opening Ceremony of the Middle East and North Africa Climate Week in Riyadh, Saudi Arabia, October 8, 2023. REUTERS/Ahmed Yosri Acquire Licensing RightsRIYADH, Oct 9 (Reuters) - Saudi Arabia will launch a greenhouse gas credits scheme early next year that will allow companies to offset their emissions by buying credits from projects that voluntarily cut or remove greenhouse gas emissions, the scheme's website said on Monday. Participation in the scheme, which aligns with Article 6 of the Paris climate agreement, is voluntary and project-based, covers greenhouse gas and non-greenhouse gas "metrics across all sectors" and is open to the public and private sectors as well as subsidiaries of foreign firms. A year ago, Saudi Arabia's sovereign wealth fund, the Public Investment Fund, said it would set up the Regional Voluntary Carbon Market Company (RVCMC) with Saudi's Tadawul Group, operator of the Riyadh-based Saudi Exchange. Reporting by Aziz El Yaakoubi and Pesha Magid; Writing by Yousef Saba and Nadine Awadalla; Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.