Saudi Arabia has secured a major agreement to deliver over 30 million tonnes of high-integrity carbon credits by 2030, supporting its drive toward net-zero emissions. ENOWA, the energy and water arm of NEOM, partnered with the Voluntary Carbon Market Co. to source these credits, primarily from climate initiatives in the Global South. The first credits are expected to be delivered by December.
This initiative is central to building a robust voluntary carbon market in the Kingdom, allowing ENOWA to offset its current emissions as it develops renewable energy infrastructure for NEOM’s future. The move also aligns with Saudi Arabia’s target to reach net-zero emissions by 2060 and to create a credible carbon trading ecosystem with meaningful climate impact.
The Voluntary Carbon Market Co., mostly owned by Saudi Arabia’s sovereign wealth fund, operates a platform for carbon credit trading, investment, and advisory services. The global voluntary carbon market is forecast to grow dramatically, from $2 billion in 2020 to an estimated $250 billion by 2050.
Leaders from both organizations emphasized the importance of the agreement for advancing clean energy and supporting climate projects worldwide. The new trading platform, launched recently, offers secure transactions, price discovery, and Shariah-compliant features. ENOWA’s ongoing participation in carbon auctions reflects NEOM’s broader goals of sustainability, economic diversification, and improved quality of life.