Minerva Sells 280 Thousand Tons of Carbon Credits to Arab Companies
The Kingdom of Saudi Arabia’s sovereign wealth fund, Salik, held the first carbon credit auction yesterday as 1.4 million tonnes of carbon balances were traded.
It was the largest voluntary carbon credit market auction in the world, and the first in the Middle East. The Brazilians were there. Mycarbon, a subsidiary of Mineva Foods, sold a generation of carbon protein manufacturing, 20% of the total credits, or 280,000 tons.
At the end of the purchase, there were companies such as Aramco, Olayan Finance and the Saudi Arabian Mining Company, in addition to the Saudi National Bank.
Salik said the auction plays an important role “in the broader fund’s efforts to push the investment and innovation needed to address the effect of climate change.”
The goal of the Kingdom of Saudi Arabia is to reach Safi Zero by 2060. Mineeva did not mention the amount she was able to raise through the process. Nevertheless, the carbon nodes for the month of October were closed yesterday at 75.55 euros on the European secondary market.
The sale of carbon assets was the first of Companhia Regional de Mercado Voluntário de Carbono, which was officially established by the sovereign wealth fund just three days ago. The fund owns 80% of the company headquartered in Riyadh.
The rest is in the hands of the Saudi group Tadawul. Salik is also the largest contributor to Mineeva, with 30.55% of the company’s capital.