Nyon, Switzerland – 14/11/2024
SCB Environmental Markets is proud to announce its participation in the Regional Voluntary Carbon Market Company (RVCMC) exchange platform launch, which began on November 12th. SCB joins with leading Saudi Arabian companies in this significant new initiative, designed to accelerate the global transition to a low-carbon economy by providing a scalable, transparent marketplace for high-quality carbon credits. This development follows SCB’s participation in the first trades on the newly launched Egyptian carbon exchange in August of this year.
The launch of this platform represents a pivotal step toward Saudi Arabia’s target of becoming one of the largest voluntary carbon markets by 2030. It is uniquely focused on supporting climate action projects across the Global South. Through this platform, SCB is positioned to enhance its commitment to sustainability and net-zero emissions by 2030, advancing our ongoing mission of leveraging business as a force for good.
Participating in the RVCMC platform aligns seamlessly with SCB’s values and objectives. Since achieving carbon neutrality in 2021, SCB has continued to innovate in environmental markets and has already abated hundreds of millions of tonnes of CO₂ through our global carbon transactions. This new platform provides a critical avenue to strengthen our support for impactful climate projects in emerging markets worldwide, funding the transition to a low-carbon future.
RVCMC’s Platform: Supporting High-Integrity Climate Projects Across the Global South
The RVCMC platform has been carefully designed to meet the increasing demand for institutional-grade infrastructure in the carbon market. It offers:
- Secure, high-integrity transaction capabilities to ensure reliable and scalable market participation.
- Transparent price and data discovery are critical to supporting market growth and attracting further climate finance to the Global South and beyond.
- Open market connectivity integrated with global registries, enhancing accessibility and credibility of carbon credits.
- Future-ready trade functions, including auction, RFQ, block trades, and eventually spot markets by 2025.
Tuesday’s inaugural auction marks a significant milestone. Over 2.5 million tonnes of high-quality carbon credits are available, sourced from 17 climate projects worldwide. These projects include landfill gas capture, forest reforestation in Ethiopia, and innovative construction technologies in the United States, supporting a wide range of impactful climate actions.
Committed to a Low-Carbon Future
As an organization certified by B Corporation and ISO standards, SCB is dedicated to creating a positive impact through business, underscoring our commitment to sustainability with concrete actions. Our involvement in RVCMC’s new exchange platform extends our ongoing work in facilitating climate finance for projects in the Middle East, which aligns with SCB’s ambition to be at the forefront of the global movement toward net-zero emissions.
“We are delighted to be part of this groundbreaking exchange platform from RVCMC, which will play a vital role in scaling up climate action across the Global South,” said Kevin McGeeney, CEO at SCB. “This initiative aligns with our goals, enabling us to contribute further to a low-carbon future while ensuring that the global market for carbon credits is accessible, credible, and impactful”.
McGeeney elaborated, “With SCB’s premier position in both the Egyptian and now the Saudi Arabian carbon exchanges, we have solidified our role as the number one international name for carbon transactions within the Middle East and the only destination for those seeking to engage with these markets.”
About SCB Environmental Markets
SCB Environmental Markets is a leader in the environmental markets, specializing in solutions that promote a low-carbon economy. Certified as a B Corporation, SCB has a mission-driven approach to sustainability, pioneering environmental products and services to support the global transition to net-zero emissions. SCB achieved carbon neutrality in 2021 and has committed to reaching net zero by 2030, with a focus on abating emissions through high-quality carbon credits and promoting impactful climate projects worldwide.
