A Saudi Arabian company, Public Investment Fund (PIF), on Thursday, June 1, selected Nairobi to host the world's largest sale of voluntary carbon credits.
The auction will be held in Nairobi on June 14 and involve over 15 companies across the globe. It will also involve more than 2 million tonnes of carbon credits.
Notably, a carbon credit auction involves companies buying permits that allow the owner to emit a certain amount of carbon dioxide or other greenhouse gases.
Meanwhile, Nairobi was selected to demonstrate voluntary carbon markets' role in bringing investment to developing economies.
The foreign company noted that the buyers will use credits to compensate for the impact of their carbon emissions.
It is organised by the Regional Voluntary Carbon Market Company (RVCMC), an organisation set up by PIF and the Saudi Tadawul Group.
"With this auction, RVCMC will reach a depth and scale where make a meaningful difference and contribute to the UN Sustainable Development Goals," RVCMC Chairperson Rania Nashar stated.
On the other hand, RVCMC CEO Riham ElGizy explained that the auction will be a landmark moment in the development of voluntary carbon markets.
"We are mobilising companies to compensate for their carbon emissions while they work to reach their emissions reduction targets," he added.
"We need to use all the tools available to reduce the impact of emissions and help the world transition to net zero," the CEO stated.
The first auction was held in Riyadh in October 2022, and 1.4 million tonnes of carbon credits were auctioned.
Notably, President William Ruto has been at the forefront of reducing the effects of climate. He has received millions of funds and introduced a tree planting program nationwide.
"We have a major problem in matters of our environment in Kenya and the world at large," he stated.
