The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, was announced a successful bidder at the Voluntary Carbon Market Initiative Auction on the First day of the 6th Edition of the Future Investment Initiative (“FII”) in Riyadh.
The Public Investment Fund (“PIF” or the “Fund”) announced the auction resulted in 1.4 million tons of carbon credits, in the largest-ever carbon credit sale, according to their resources. ITFC was among other 15 Saudi and regional entities, where Eng.
Hani Salem Sonbol, CEO ITFC received a certificate by Mr. Yazeed Al-Humied, Deputy Governor and Head of MENA Investments during the closing ceremony. Eng. Sonbol on this occasion commented, “This is a remarkable achievement for ITFC towards innovation in green trade financing and development of sustainable trade, as well as supporting OIC members countries efforts in addressing climate change challenges, noting that the credit basket contains units generated by clean and sustainable energy projects in OIC member countries”.
It is worth noting that the VCM initiative is a continuation of PIF’s efforts to support Saudi Arabia’s green agenda and follows previous announcements by the Fund, including the completion of its US$ 3 billion inaugural green bond, and the various renewable projects PIF is spearheading as part of its commitment to develop 70% of Saudi Arabia’s renewable energy capacity, in line with Vision 2030.—Zawya News