Our Vision

Our vision is to drive climate action and improve livelihoods through a high-integrity voluntary carbon market. Led from the Global South, we will channel funds and invest in essential climate projects in the Middle East, Africa, and beyond.

Our Ambition

VCM stands for real climate solutions with integrity at their core. We will work with companies in the region to enable emission reductions. We will also harness the natural resources at our disposal, and our coastal ecosystems will provide a new source of blue carbon.

Our market will enable businesses and industries to make deeper contributions to reduce the risks of irreversible climate change by setting them on the path to significantly reduce their own emissions, as well as compensate for their emissions on their journey.

Finally, we will provide a unique pathway for Islamic finance to support the transition by allowing carbon credits to be the enabling traded commodity in Islamic finance arrangements.

Taking the lead to help build a cleaner, greener global economy

Taking the lead to help build a cleaner, greener global economy

The world’s largest carbon credit auctions to date

1st Auction: On October 25, 2022, VCM held the largest voluntary carbon market auction to date, selling more than 1.4 million tonnes of carbon credits. The CEOs and Chairs of 15 leading companies participated in our first auction, held as part of the Future Investment Initiative in Riyadh.

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2nd Auction: VCM successfully sold over 2.2 million tonnes of carbon credits at the largest-ever voluntary carbon credit auction in Nairobi, Kenya, on June 14, 2023. Sixteen Saudi and international companies participated in the auction, with Aramco, Saudi Electricity Company (SEC), and ENOWA (a subsidiary of NEOM) purchasing the largest number of carbon credits.

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VCM sold over 2.2 million tonnes of carbon credit in its second auction, enough to compensate for the emissions:

Produced by


cars in a year

Generated by


homes in a years

Needed to charge

250 billion


Absorbed by

34 million

trees over 10 years

16 Saudi and international companies came together at the second carbon credit auction to tackle climate change in the Global South.

“My government and the people of Kenya are extremely grateful to VCM, the Custodian of the Two Holy Mosques King Salman Bin Abdulaziz Al Saud and HRH Crown Prince Mohammed Bin Salman Bin Abdulaziz Al Saud for honouring our country to host this milestone event. This pragmatic and action oriented approach is a clear manifestation that a South to South partnership in climate action is really possible. Coming ahead of the African Climate Summit which Kenya will be hosting in September and the COP 28 Summit in the UAE later this year, this auction is a very significant milestone in Kenya. We look forward to working more with the Kingdom of Saudi Arabia in the Climate front through the Saudi Green Initiative.

HE. Dr. William Samoei Ruto, President of The Republic of Kenya.


We are excited to be part of this groundbreaking initiative by PIF to establish the VCM, which aligns with our net-zero ambition. 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 sustainable energy.

Eng. Amin H. Nasser, President & CEO of Aramco.

The scale of climate change demands innovative thinking and concerted efforts from both the public and private sectors. Against this backdrop, the VCM is one of the most exciting and ambitious initiatives in the Middle East. Being a part of this is in line with Olayan Financing Company’s commitment to sustainability and its commitment to the World Economic Forum’s Stakeholder Capitalism Metrics initiative. We are hopeful that this initiative will be a game-changer in the region’s efforts to bring together the public and private sectors to fight global warming and create a greener world.

H.E. Nabeel Al-Amudi, CEO of Olayan Financing Company.

The plan to establish the VCM is an important step toward enabling Saudi Arabia and the region to contribute to solving global climate change challenges. As the Kingdom of Saudi Arabia’s national mining champion, Ma’aden will actively cooperate with PIF and support the VCM by supplying carbon credits in support of Saudi Arabia’s broader climate ambitions and purchasing carbon credits to deliver on our goal to achieve carbon neutrality in Ma’aden operations by 2050.


We are honored to be a partner of the VCM, which is set to play a major role in helping the region achieve its net-zero carbon ambitions and aligns with Saudi Arabia’s Vision 2030. This is a major milestone in Abdul Latif Jameel’s mission to tackle climate change and shape a more sustainable future regionally and internationally. By purchasing carbon credits from this decarbonization initiative, we will help unlock the region's potential as a key player in securing a cleaner future for all.

Fady Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel.

To meet global net-zero targets, considerable action must be taken in order to reduce carbon emissions. The launch of the VCM will play a critical role in achieving this target and solving climate change challenges while allowing private investors, businesses, and NGOs to offset their emissions and ultimately position Saudi Arabia as a global hub for carbon trading. As a company that is driving the energy transition through the expansion of renewable energy, desalination, and green hydrogen, we have an important role to play. As such, we are privileged to be one of the first partners to be driving this visionary roadmap forward and help the Kingdom in realizing its ambitious efforts to achieve net-zero carbon emissions by 2060.

Mohammed Abunayyan, Chairman of ACWA Power.

ENGIE is pleased to partner with the Public Investment Fund to launch the inaugural VCM auction at the Future Investment Forum in Saudi Arabia. The carbon credits we are facilitating will enable companies to accelerate the transition toward a carbon-neutral economy, further helping Saudi Arabia achieve its net zero ambitions.


NEOM was established with the promise to follow principles of environmental sustainability that promote renewing and sustainable practices. Here at ENOWA, NEOM’s Energy, Water, and Hydrogen subsidiary, we are working to accelerate the progress of carbon reduction and support the Kingdom’s transition to a more carbon-conscious market all in harmony with nature. The announcement of the first VCM partnership in the MENA region align with our business and sustainability objectives. We look forward to seeing how this pioneering initiative will inspire other regional leaders to support our efforts.

Peter Terium, CEO of ENOWA, a subsidiary of NEOM.

We are proud to partner with VCM on this ground-breaking initiative in supporting the Kingdom of Saudi Arabia’s net-zero ambitions. With sustainability at the heart of GIB’s business model, we are committed to the decarbonisation of our own operations and to supporting the net-zero journeys of our clients. This is a tremendous initiative and we look forward to doing all we can to encourage awareness and participation in carbon offsets by our peers and by companies across all sectors.

Abdulaziz Al-Helaissi, CEO of GIB Group.

The VCM scheme is vitally important if Saudi Arabia is to deliver on its aim of cutting carbon emissions to net zero by 2060. At Golf Saudi, we have already been enacting our very own Green Agenda which is why we have signed-up to this pioneering scheme in order to conserve and enhance our unique natural environment here in the Kingdom and to limit our negative impact abroad. We are planning responsibly for the future and by going through this auction process, our hope is that we will motivate and encourage other Saudi stakeholders to not only share our passion for environmental best practise but to also play an active role in our collective future.

Golf Saudi.

The collaboration between International Islamic Trade Finance Corporation (ITFC) and VCM will open doors for promoting the VCM in the Organization of Islamic Cooperation (OIC) Member Countries and provide advisory and financing services to businesses aiming to offset their carbon footprint or seeking to generate carbon credits from their activities. The Shari’ah resolution on trading carbon credit marks a significant moment in the global drive to address climate change by allowing carbon credits as a traded "Rights to Intangible Assets" enabling Islamic Financing.

Eng. Hani Salem Sonbol, CEO of ITFC.

The Kingdom of Saudi Arabia launched this important initiative, VCM and Morgan Stanley is delighted to be working with the PIF to help ensure its success

Morgan Stanley

MyCarbon is very proud to be a part of this important effort to combat climate change. Working together with VCM gives us visibility. We are looking forward to the next steps of this partnership.

Eduardo Bastos, CEO of MyCarbon.

SAUDIA is among the first signatories to the VCM – the first of its kind in the Middle East and North Africa Region – and aviation in Saudi Arabia is taking a solid stance on reducing its carbon footprint by offsetting emissions. SAUDIA continuously ensures every facet of the airline’s operation is digitized and environmentally sustainable. Through incremental steps, we are collectively making a mark.

H.E. Ibrahim Al-Omar, Director General of SAUDIA Group.

SNB highly appreciates the support and efforts by VCM to establish a new carbon credit market throughout the process of handling this national initiative. The meetings, presentations and overall interactions were very beneficial and supportive to us in order to achieve this successful milestone.

Carbon Credit complements Saudi Arabia’s wider emissions reduction strategy and represent an important tool in energy transition, as Saudi Arabia and SNB continue to play their part in meeting the world’s need for secure, affordable and sustainable energy.

Ali Abdulaziz Al-Hawas, Executive Vice President, and Deputy Head Institutional & International Head, Global Markets of SNB.

The pilot auction demonstrates how carbon markets can help channel capital at scale to deserving carbon projects across the world, particularly in the developing world. The launch of VCM is an important milestone for the region’s climate agenda and we are delighted to have partnered with PIF in helping the Kingdom realize this ambition.

Bill Winters, Chief Executive of Standard Chartered.

As per the Kingdom’s aim to achieve net-zero for the greenhouse gasses equivalent to CO2 emissions by 2060 through the carbon circular economy approach, in which Where Yanbu Cement strategy is aligned with. YCC developed plans, guidance, internal/external resources to support its business in the region and globally to be a reliable sustainable environment friendly manufacturing supplier. YCC has a potential to develop and introduce a new products and adapt to clean sources, whether from renewable energy, alternatives to fossil fuels, alternative green additives and raw materials, upgrade to latest state of the art technologies and make changes to have a positive impact on climate change. YCC finds the VCM a valuable opportunity to align its strategy with global transition to net zero.

Eng. Ali Yahaya Al-Zailaie, Vice President for Manufacturing of Yanbu Cement.

Zamil Group's partnership with the VCM highlights our commitment to supporting the Kingdom's contribution to the global clean energy transition. The VCM is in line with Vision 2030 and will continue accelerating efforts towards Net Zero by driving investment into renewable energy and energy efficiency. Carbon credits play an increasingly important role in reducing climate change impact.

Mr. Adib AlZamil, CEO of AlZamil.