VCM

VCM was established in October 2022 by PIF and the Saudi Tadawul Group Holding Company, with PIF holding an 80% stake and Saudi Tadawul Group holding the remaining 20%. The company aims to build a credible voluntary carbon market that operates at speed and scale, delivering global impact. VCM prioritizes high-quality carbon credits and meaningful climate action, while developing an integrated ecosystem that includes a dedicated exchange for trading voluntary carbon credits, alongside advisory services that support organizations in their decarbonization journeys.

Since its inception, VCM has achieved several key milestones. In October 2022, it hosted its first auction during the sixth Future Investment Initiative (FII) in Riyadh. In June 2023, the company successfully auctioned 2.2 million tons of voluntary carbon credits in the largest sale of its kind in Nairobi, Kenya. In October 2023, VCM and PIF co-hosted the world’s first Global South Carbon Market Conference at the seventh FII in Riyadh. Continuing its momentum, VCM launched the region’s largest carbon credit exchange in November 2024 on the sidelines of COP29 and conducted its third auction, selling more than 2.5 million tons of voluntary carbon credits.