Qatar based, Global Carbon Council (GCC) and the Regional Voluntary Carbon Market Company (VCM), established by the Public Investment Fund and Saudi Tadawul Group, announced a strategic partnership to scale voluntary carbon markets through trusted standards and institutional-grade exchange infrastructure.
Under this strategic partnership, carbon credits certified by the Global Carbon Council are now traded on Saudi Arabia’s VCM exchange platform.
This strategic partnership has already demonstrated strong market traction, with more than 600,000 tons of GCC-certified carbon credits traded within the first month of the integration on the exchange.
The early trading activity highlights growing regional demand for high-integrity, independently verified carbon credits and underscores VCM’s role in enabling price discovery, liquidity, and transparent market access.
GCC is an international carbon crediting programme that issues tradable credits to registered projects based on verified, results-based greenhouse gas (GHG) emission reductions and removals.
In the Global South, GCC’s Programme is the first international GHG and sustainable development programme fully accredited by the International Civil Aviation Organisation for Carbon Offsetting and Reduction Scheme for International Aviation, as well as International Carbon Reduction and Offset Alliance, positioning the GCC Programme as a critical gateway for channeling high-integrity climate finance into emerging markets.
Credits certified by the GCC Programme can be used by governments and companies to meet and enhance climate ambitions, including supporting Nationally Determined Contributions and enabling the trade of Internationally Transferred Mitigation Outcomes.
The availability of GCC credits on VCM’s platform expands access to globally recognised credits for buyers in Saudi Arabia and the wider region.
Dr Yousef Alhorr, founding chairman of GCC, said: “Partnering with VCM enables GCC-certified projects to access a transparent, institutional marketplace and reach new sources of demand. The early trading volumes not only demonstrate how exchange-based platforms can accelerate climate finance and support national climate objectives but also reflect the strong standing and deep-rooted trust that the Global Carbon Council has developed as a leading global carbon market programme.”
Fadi Saadeh, acting CEO and head of technology of VCM, said: “This strategic partnership with the Global Carbon Council reflects our efforts towards scaling voluntary carbon markets through credible standards and real market activity.
"The strong trading volumes seen in the first month since their inclusion demonstrate growing confidence in the Saudi carbon market and the role played by VCM’s exchange in connecting high-quality supply with regional and global demand.”
VCM launched Saudi Arabia’s first voluntary carbon credit exchange platform in November 2024. The exchange is designed to support a transparent, scalable and increasingly liquid market by offering institutional-grade infrastructure, price and data discovery, open connectivity with global registries and multiple trading mechanisms including auctions and request-for-quote functionality.
