ENGIE PARTICIPATED IN LARGEST-EVER AUCTION OF CARBON CREDITS HELD DURING THE FUTURE INVESTMENT INITIATIVE

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  • Leading low-carbon energy company ENGIE facilitated the trade of 483,100 carbon credits for auction at the Future Investment Initiative (FII) at the auction which was  organized by the Regional Voluntary Carbon Market Company
  • In total, 1.4 million carbon credits were auctioned off at FII as part of the Middle East North Africa Voluntary Carbon Market in the largest-ever carbon credit sale 
  • Carbon credits were traded by ENGIE’s Global Energy Management & Sales (GEMS) entity in line with its mission to accelerate the transition towards a carbon-neutral global economy, by providing a range of low carbon and renewables solutions

Riyadh: ENGIE, the global low-carbon energy company, participated in the largest-ever auction of carbon credits held during the future investment initiative FII, which was organized by the Regional Voluntary Carbon Market Company.

ENGIE GEMS entity traded a total of 483,100 carbon credits to Regional Voluntary Carbon Market Company for the auction. This was the largest single contribution to the 1.4 million carbon credits that were sold in the largest-ever auction of its kind.

Riham ElGizy, Director of VCM Initiative, said  “Dedicated to supporting the investment and innovation needed to deliver necessary climate action, and participate in Saudi Arabia’s efforts to achieve net zero by 2060, the auction represented the first step towards becoming a leading player in the global voluntary carbon market ecosystem”.

“As a global reference in low-carbon energy and services, with a purpose to provide clients with a wide range of solutions to accelerate the energy transition, we are delighted to have participated in the largest-ever auction of carbon credits organized by the Regional Voluntary Carbon Market Company”. said Varun Gujral, Chief executive officer at ENGIE GEMS in Asia-Pacific (APAC),

Turki Al Shehri, ENGIE’s CEO for Saudi Arabia, said, “We are proud to contribute to the Voluntary Carbon Market initiative as it plays a pivotal role in addressing the impact of climate change, while Saudi Arabia is committed to achieve net zero by 2060. For as long as we are present in Saudi Arabia, at ENGIE, we will continue to lend our expertise and support to our customers and stakeholders in support of decarbonization.”

A mechanism designed to reduce greenhouse gas emissions, carbon credits are produced by developers who create carbon-reducing projects. Each carbon credit is CORSIA-compliant and Verra-registered. A single credit represents one ton of carbon dioxide that can make up for industrial production, delivery vehicles, or travel emissions. The 483,100 credits provided represent a reduction of 483,100 tons of carbon from the atmosphere

In total, 15 Saudi and regional entities took part in the auction, including Aramco, Olayan Financing Company, and Saudi Arabian Mining Company (MA’ADEN), which purchased the most significant number of carbon credits. 

About ENGIE in Saudi Arabia

ENGIE has been present in the region for more than 30 years. ENGIE develops its activities in partnership with Saudi actors on energy production, seawater desalination, district cooling, energy efficiency services and high value-added facilities management. We have 2000 employees. ENGIE generates 7600 MW of power, equivalent to 10% of the installed capacity of Saudi Arabia and produces 176 MIGD of desalinated water per day, equivalent to 11% of market production

About ENGIE Group

Our Group is a global reference in low-carbon energy and services. Together with our 101,500 employees, our customers, partners and stakeholders, we are committed to accelerate the transition towards a carbon-neutral world, through reduced energy consumption and more environmentally friendly solutions. Inspired by our purpose (“raison d’être”), we reconcile economic performance with a positive impact on people and the planet, building on our key businesses (gas, renewable energy, services) to offer competitive solutions to our customers. Turnover in 2021: 57.9 billion Euros. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, Euronext 100, FTSE Eurotop 100, MSCI Europe) and non-financial indices (DJSI World, DJSI Europe, Euronext Vigeo Eiris – Eurozone 120/ Europe 120/ France 20, MSCI EMU ESG screened, MSCI EUROPE ESG Universal Select, Stoxx Europe 600 ESG, and Stoxx Global 1800 ESG).”