Top Saudi Arabian enterprises, including the world’s largest oil exporting company Saudi Aramco, have signed preliminary agreements with the kingdom’s sovereign wealth fund to become partners in the region’s first voluntary carbon market (VCM).
The kingdom’s national airline Saudia, clean energy developer Acwa Power, mining and minerals giant Ma’aden, Enowa, a subsidiary of Neom, and Saudi Aramco have all signed separate non-binding agreements as potential market partners, the Public Investment Fund said on Wednesday.
The partners will support the PIF in the development of the VCM, which is expected to be launched next year, through the supply, purchase and trading of carbon credits.
Additional partners for the exchange will be announced in the coming months, before an initial round of auctions expected to take place in the fourth quarter of this year, the PIF said.
“The support of Saudi businesses, which are world leaders in their fields, is a strong demonstration of the exciting potential of this market,” said PIF governor Yasir Al Rumayyan.
“PIF contributes to Saudi Arabia’s efforts through driving the investment and innovation required to address the impact of climate change and achieve net zero carbon emissions by 2060.”
Voluntary carbon markets allow companies to offset their emissions by purchasing carbon credits of projects aimed at removing or reducing greenhouse gases. A credit, once used for this purpose becomes an offset, is considered retired credit and no longer tradable.
Carbon markets have grown rapidly in recent years across the world, at a compound annual growth rate of 30 per cent to reach $1 billion of traded value. They have the potential to grow 15-fold by 2030, estimates by the Taskforce on Scaling Voluntary Carbon Markets, a private sector initiative, show.
The support of Saudi businesses, which are world leaders in their fields, is a strong demonstration of the exciting potential of this market,
Yasir Al Rumayyan,
governor, PIF
Saudi Arabia, the world's largest crude exporter, has set ambitious targets to fight climate change and cut carbon emissions as part of its Vision 2030 plan to overhaul its economy and reduce its reliance on oil.
The kingdom aims to reduce emissions by generating 50 per cent of the country's energy from renewable sources by 2030, Crown Prince Mohammed bin Salman, who heads the PIF, said in April last year.
The PIF first announced the VCM initiative in September, in partnership with the Arab world's biggest bourse, Tadawul, as a platform for offsets and carbon credits within the Middle East and North Africa region.
The platform is designed to become the primary destination for companies and institutions that aim to cut emissions, or contribute towards reductions, through the trading of verified, approved carbon equivalent credits certificates, the state-run Saudi Press Agency said at the time.
The launch of the carbon market is part of PIF’s Green Finance Framework, and in line with the kingdom’s ambitions to become carbon neutral by 2060 and develop its green economy.
While internal decarbonisation targets of companies should remain the priority, the carbon market can “effectively complement their efforts until and when they reach net zero”, the PIF said.
“Carbon credits complement our wider emissions reduction strategy and represent an important tool in the energy transition, as we continue to play our part in meeting the world's need for secure, affordable and ever more sustainable energy," said Amin Nasser, president and chief executive of Aramco.
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UAE currency: the story behind the money in your pockets
The Intruder
Director: Deon Taylor
Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
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The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
Killing of Qassem Suleimani
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
