Saudi Arabia introduces innovative greenhouse gas credit and
offset system
Minister of Energy, Prince Abdulaziz Bin Salman, graced the
MENA Climate Week 2023 event in Riyadh, where a significant breakthrough was
achieved with the official launch of Saudi Arabia's homegrown initiative, the
Greenhouse Gas Crediting and Offsetting Mechanism (GCOM).
The Clean Development Mechanism Designated National
Authority (CDMDNA) proudly introduced this groundbreaking mechanism at MENA
Climate Week 2023, currently in session in Riyadh.
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This strategic milestone reaffirms Saudi Arabia's regional leadership
in addressing climate-related challenges, granting institutions the capability
to address their emissions, and aligning with the Kingdom's dedication to
mitigating the impact of climate change.
This initiative is an integral part of the broader efforts
championed by Crown Prince and Prime Minister Mohammed Bin Salman to fulfill
the environmental sustainability goals outlined in Saudi Vision 2030.
The launch of GCOM follows the initial presentation of the
domestic market mechanism by Minister of Energy Prince Abdulaziz Bin Salman in
November 2022 at the Saudi Green Initiative during COP27 in Sharm El-Sheikh,
Egypt. This underscores Saudi Arabia's unwavering commitment to combat climate
change on a global scale.
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GCOM aims to be accessible to all entities within the
Kingdom, incentivizing the development of activities focused on reducing and
removing emissions, thus contributing to Saudi Arabia's ambitious Net-Zero
target by 2060.
Abdullah Al-Sarhan, Secretary-General of the Designated
National General, expressed immense pride in advancing the Kingdom's climate
aspirations through the launch of GCOM. He emphasized that GCOM will empower
entities across the Kingdom to achieve their emission reduction and removal
goals, fostering collective action toward a sustainable and low-emission
future.
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GCOM stands out for its comprehensive and inclusive
approach, providing entities within the Kingdom access to a domestic market
mechanism for effective emissions management.
In line with the United Nations Framework Convention for
Climate Change (UNFCCC), GCOM is poised to facilitate the realization of Saudi
Nationally Determined Contributions (NDCs), unlocking a multitude of financial
opportunities for national entities committed to meeting their climate
objectives.
Source: Saudi Gazette
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