The Voluntary Carbon Market Company (VCM), a carbon credit company established by PIF and Saudi Tadawul Group, and Enowa, the energy and water subsidiary of NEOM, have announced a long-term agreement to facilitate the delivery of approximately 30 million tonnes (Mt) of carbon credits within this decade.

The scale and duration of the agreement marks a significant milestone in VCM’s ambition to create a thriving voluntary carbon market in the region.

The deal will see high integrity carbon credits delivered to Enowa from climate action projects from around the world, with most projects based in the Global South and transacted on the VCM platform.

The first delivery under the arrangement took place on December 19, 2024.

Riham ElGizy, CEO of VCM, said: "The long-term agreement between VCM and Enowa to facilitate the delivery of over 30 million tonnes of carbon credits by 2030 marks a significant moment in Saudi Arabia’s journey to drive growth in global voluntary carbon markets. It helps Enowa, a company committed to creating a renewable energy system to power NEOM, compensate for today’s emissions while creating sustainable infrastructure for the long term."