The "regional voluntary carbon market" company of the Saudi Public Investment Fund is hosting the conference of carbon markets in the global south to agree on a list of actions to be taken before the cop28 twenty-eighth edition of the cop.

The regional voluntary carbon market company announced the hosting of the conference "carbon markets in the global south-Riyadh version -" as part of the Future Investment Initiative conference to review the most prominent challenges of promoting voluntary carbon markets globally to reduce carbon emissions, and the regional voluntary carbon market company will hold the conference in cooperation with S & P Global Commodity Insights company.

The agenda of the conference will include speakers from emerging economies from all over the world, as well as a group of global financial institutions aimed at enhancing the circulation of carbon credits.the contribution of carbon markets to stimulating climate action, the sovereignty of carbon credits in the global south, highlighting the views of local communities on carbon markets, regulatory mechanisms to mitigate risks and support the expansion of global carbon markets, the role of Islamic finance in the development of global carbon markets, and the results that the countries of the global south would like to achieve through cop28 will be discussed.

The chairman of the board of Directors of the company "Regional voluntary carbon market" Rania Nashar said: "Trading carbon credits is one of the main tools to help the world address the effects of climate change, and to achieve this endeavor, we established the "regional voluntary carbon market" company in the heart of Saudi Arabia, and this step had a positive impact on this market globally, as we succeeded in organizing the largest ever auction in the world for trading voluntary carbon credits earlier this year with the support of the Public Investment Fund and the Saudi Tadawul group, and this success forces us to play a crucial role in the development of this market globally, and this conference, which is expected to be held in Riyadh, will contribute to all countries of the Global South together to reach an agreement shared about The goals to be achieved during cop28, and today we need to adopt a unified approach to help develop this fast-growing market so that it can support the global trend towards a climate-neutral future".

The CEO of the "regional voluntary carbon market" company, Reham Al-Gezi, said: "The trading of carbon credits has always been an essential part of the schemes adopted by the countries of the world in the face of climate change, and in this regard, Article VI of the Paris Agreement provides for a framework to determine the mechanism for using voluntary carbon credits globally to enable low-emission countries to sell credits to countries facing difficulties in reducing their emissions as quickly as they wish, but most of these procedures are not going smoothly as expected, however, if we can activate these procedures and ensure their application as required, which contributes to enhancing the role of carbon credits trading to become an essential tool for financing voluntary carbon credits from To this end, we are meeting with international stakeholders in Riyadh within the framework of the Future Investment Initiative, to discuss critical issues that should be focused on in the discussions of the upcoming cop28 Conference of the parties, and the main reason for hosting this conference is that all of us, as participants in the development of carbon markets in the global south, unite efforts so that we can influence these discussions," he said.