The Regional Voluntary Carbon Market Company (RVCMC) and the Clean Development Mechanism Designated National Authority (CDMDNA) have concluded a milestone memorandum of understanding (MoU) to advance the Kingdom's climate ambitions. At a signing ceremony at the 8th Edition of the Future Investment Initiative (FII8) in Riyadh - witnessed by Prince Abdulaziz Bin Salman, Energy Minister of Saudi Arabia, and Yasir Al Rumayyan, Governor of the Public Investment Fund - RVCMC and CDMDNA agreed to work together to support climate action in the Kingdom. The MoU was signed on the FII main plenary stage by RVCMC Chair Rania Nashar and CDMDNA Director of Technical Affairs Maria AlJishi in recognition of the crucial role the agreement will play in ensuring that the carbon markets established in the Kingdom are transparent, robust, and credible. High integrity carbon credits can help finance climate action by funding projects that reduce and remove carbon emissions, helping accelerate the transition to low carbon and m ore sustainable economies worldwide. Climate change is one of the most important challenges facing Saudi Arabia, the Middle East, and the wider world. Reducing emissions is a priority for the Kingdom of Saudi Arabia, and voluntary carbon markets can play a vital role in reaching climate targets. RVCMC was established in October 2022 via a partnership between the Public Investment Fund and the Saudi Tadawul Group Holding Company. Source: Saudi Press Agency