ZAWYA-PRESSR: VCM announces new North American partnerships and exclusive exchange participants at CMF Select New York
TADAWUL GROUP 1111.SA | 138.60 | -0.07% |
Riyadh — The Regional Voluntary Carbon Market Company (VCM), established by the Public Investment Fund (PIF) and Saudi Tadawul Group, today announced a series of new strategic partnerships with leading North American carbon market entities at CMF Select in New York, strengthening the platform's global reach and expanding access to carbon credit supply aligned with recognized voluntary market standards.
The newly announced partners include U.S.-based SINAI Technologies Inc., Sequest as well as Canadian carbon credit trader McGill St Laurent Climate Solutions. All three entities will collaborate with VCM through exclusive arrangements in Saudi Arabia, reinforcing Saudi Arabia’s position as an emerging global hub for voluntary carbon markets.
As part of the collaboration, SINAI, a world-leading carbon accounting and decarbonization planning platform, will be exclusively delivered by VCM in Saudi Arabia, providing organizations with advanced emissions measurement and transition planning capabilities to achieve greenhouse gas (GHG) reduction targets with all data hosted inside Saudi Arabia.
VCM will also partner with Sequest, a U.S.-based carbon removal company deploying an approach focused on producing durable and scalable carbon removals. Sequest’s projects will be deployed in Saudi Arabia, with carbon credits sold in Saudi Arabia offered exclusively through VCM’s exchange.
Canadian trader McGill St Laurent Climate Solutions, which focuses on high-quality nature-based carbon solutions, will exclusively sell its carbon credits in Saudi Arabia through VCM, expanding access to internationally recognized nature-based credits for regional buyers.
The new partnerships further strengthen VCM’s role as a transparent, high-integrity, institutional-grade exchange connecting global supply with regional demand, while enabling international climate solutions to be deployed and scaled through Saudi Arabia.
Fadi Saadeh, Acting Chief Executive Officer and Head of Technology of VCM, said:
“These partnerships reflect growing international confidence in Saudi Arabia’s approach to building a high-integrity voluntary carbon market. By welcoming leading North American companies across carbon accounting, removal technologies, and project development, we are deepening global participation in our exchange and expanding access to credible climate solutions for the region.”
Jess Waldeck, CEO of SINAI, said:
“We are pleased to partner with VCM to bring SINAI’s carbon management platform to Saudi Arabia. This partnership is a key milestone in our global growth strategy as we expand across the broader Middle East. It also enables companies to make informed, data-driven decisions and advance climate strategies aligned with company targets and Saudi Arabia’s sustainability goals.”
Gary Ganz, CEO & Co-Founder of Sequest said, "We are delighted to partner with the Regional Voluntary Carbon Market Company, whose leadership is catalyzing investment and growing demand to establish Saudi Arabia as a leading hub for voluntary carbon markets. We look forward to collaborating with the VCM to support the continued growth of the Saudi market and, through our operations, deliver industrial-scale, durable carbon removals in Saudi Arabia."
McGill St Laurent Climate Solutions President, Philippe Boisclair, commented:
“Our partnership with the Voluntary Carbon Market Company represents a major step forward in expanding high-integrity carbon market access. At McGill St-Laurent Climate Solutions, we are proud to align with VCM’s mission to channel investment into impactful, verifiable climate projects that drive sustainable growth and real emissions reductions. This collaboration strengthens our shared commitment to scaling the global transition toward net zero.”
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.
According to industry estimates, The voluntary carbon market is projected to grow from approximately USD 2 billion in 2020 to around USD 250 billion by 2050, subject to market conditions and regulatory developments. VCM continues to expand its marketplace by attracting high-quality international partners and delivering trusted infrastructure to support the growth of voluntary carbon markets in Saudi Arabia and the wider region.
1 https://www.morganstanley.com/ideas/carbon-offset-market-growth
About Regional Voluntary Carbon Market Company (VCM):
VCM was established by the Public Investment Fund (PIF) and Saudi Tadawul Group Holding Company (Saudi Tadawul Group) in October 2022. PIF holds an 80% stake and Saudi Tadawul Group holds a 20% stake in the company. VCM aims to create a credible voluntary carbon market at speed and at scale with global impact. The market prioritizes high-quality carbon credits and positive climate action. The company is creating an ecosystem that includes an exchange for the trading of voluntary carbon credits and advisory services that support organizations in their decarbonization efforts.
In October 2022, VCM hosted its first auction at the sixth Future Investment Initiative (FII) in Riyadh. In June 2023, VCM successfully auctioned 2.2 million tons of voluntary carbon credits in the largest-ever carbon credit sale in Nairobi, Kenya. In October 2023, VCM and PIF hosted the world’s first Global South Carbon Market Conference at the seventh FII edition in Riyadh. In November 2024, VCM launched the region’s largest carbon credits exchange on the side lines of COP29, while auctioning over 2.5 million tons of voluntary carbon credits in its third auction.
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