Riyadh, Saudi Arabia — The Voluntary Carbon Market Company (VCMC) and ENOWA, NEOM’s energy and water subsidiary, have finalized a major ENOWA carbon credit agreement. They aim to deliver over 30 million tons of carbon credits through 2030. This collaboration strengthens Saudi Arabia’s voluntary carbon market. It pairs climate finance with NEOM’s clean energy ambitions.
The deal follows the first credit delivery on December 19, 2024, via VCMC’s newly launched carbon platform. Riham AlGizy, VCMC CEO, called it “a key milestone in Saudi Arabia’s journey.” This promotes growth in the global voluntary carbon markets. Jens Madrian, ENOWA’s acting CEO, noted that ENOWA now holds the title of the first Saudi entity to sign a long-term VCMC carbon deal at scale.
Strengthening the ENOWA Carbon Credit Agreement Infrastructure
VCMC, established by PIF and Tadawul, launched its voluntary carbon exchange on November 12, 2024. It offers transparent trades, price discovery, MENA pricing indicators, and full registry integration. The ENOWA carbon credit agreement builds confidence and liquidity in the platform. It paves the way for future carbon credits Saudi Arabia initiatives and supports projected global market growth from $2 billion to $250 billion by 2050.
ENOWA Carbon Deal Supports Clean Energy and Climate Finance
ENOWA will offset NEOM emissions via high-integrity credits sourced globally, particularly from climate finance Global South projects. The agreement provides financial certainty to such projects, supporting sustainable development in emerging economies. Over time, these offsets will underpin NEOM’s clean energy vision, which integrates solar, wind, and smart-water systems.
Vision 2030 and NEOM Sustainability Leadership
This NEOM sustainability initiative reflects Saudi Arabia’s broader Vision 2030 goals. It leverages carbon markets, clean infrastructure, and innovation-led partnerships. By integrating ENOWA’s renewable energy rollout with VCMC’s robust trading platform, the Kingdom positions itself as a regional hub for climate-forward investment.
The Saudi Standard’s View: Market-Building with Moral Ambition
This ENOWA carbon credit agreement does more than offset emissions—it lays the groundwork for a credible, scalable voluntary carbon market in Saudi Arabia. It bridges daring climate action with responsible investment. The agreement roots NEOM’s high-tech ambitions in global environmental integrity.
By anchoring credit flows to Global South projects, the partnership upholds ethical climate finance. This ensures that carbon trading uplifts communities while reducing emissions. It represents a bold step toward Vision 2030’s green economy goals. Here, carbon credits Saudi Arabia are not side projects, but strategic assets in national policy.
In a world where climate finance often falters on credibility, this deal shows how intention, innovation, and institutional discipline can converge. It’s not just a contract—it’s a commitment—to lead by example in the global carbon dialogue.
