More than 2.2 million metric tons of carbon credits were sold Wednesday at an auction organized by the Regional Voluntary Carbon Market Co. in the Kenyan capital Nairobi, the Saudi firm said.

"Today's auction beat the record set by the previous voluntary carbon credit auction in October 2022, where 1.4 million tonnes of carbon credits were sold," the company said in a news release.

Sixteen Saudi and international companies participated in the auction, with Aramco, Saudi Electricity Co. and sustainable energy firm Enowa purchasing the largest number of credits.

The auction offered a basket of high-quality CORSIA Eligible Offsets from 18 projects, representing a mix of carbon dioxide avoidance and removal, the company said.

The credits were sold at 23.50 Saudi riyals ($6.27) per metric ton. On Tuesday, the OPIS CEO assessment rose 4cts/mt to 94cts/mt.

The Regional Voluntary Carbon Market Co. is an 80-20 joint venture between the Public Investment Fund, the country's sovereign wealth fund, and the Saudi Tadawul Group, which owns the Saudi Exchange. The firm was established in October.


This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.


--Reporting by Abdul Latheef, alatheef@opisnet.com and Jeremy Rakes, jrakes@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com

(END) Dow Jones Newswires

06-14-23 1756ET