Saudi Billionaires Engage in Fierce Auction for Stake in Ruto’s Project
More than fifteen Saudi Arabian companies participated in an auction in Nairobi on June 14 to purchase up to two million tonnes of carbon credits.
Regional Voluntary Carbon Market Company (RVCMC), a joint venture between PIF and the Saudi Tadawul Group, organized the auction, which was billed as the largest of its kind in the world.
Public Investment Fund (PIF) stated that the auction’s proceeds will be used to fund projects that reduce atmospheric carbon emissions.
In addition, it praised Kenya’s sustainable development projects, noting that the country contributed 70% of the credit sold at the event.
At an auction for carbon credits, companies purchase permits allowing them to emit a certain amount of carbon dioxide or other greenhouse gases.
It stated that there was a substantial demand for carbon offsets generated by projects such as tree planting or the use of cleaner cooking fuel, and added that Kenya was responsible for only one percent of carbon emissions.
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The provision of improved, clean cookstoves to communities was one of the projects in Kenya that contributed to the reduction of carbon emissions.
Kenya’s push for clean energy and tree planting were cited as projects that allowed companies to purchase carbon credits and as projects funded by auction proceeds.
RVCMC noted that the certified credits that are sold will fund projects that reduce emissions through the use of sustainable technologies or remove carbon from the atmosphere.
In addition, RVCMC refuted claims of a lack of transparency in project funding and carbon credit distribution.
It was stated that the projects are funded following review by two distinct and independent expert teams.
“If there are any red flags, we immediately exclude this from the auction,” the organizers noted.
President William Ruto has advocated for the use of clean energy and the reduction of carbon emissions, including the implementation of policies to ensure the planting of 5 billion trees over the next five years and 10 billion trees over the next ten years.
Saudi Billionaires Engage in Fierce Auction for Stake in Ruto’s Project
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