While the world is watching COP29 in oil rentier state Azerbaijan, OPEC's leader, Saudi Arabia, presents a new addition to its economic diversification strategy: a voluntary carbon market. Even though most analysis is currently linking the announcement of a new carbon-trading market to the COP29 breakthrough entailing rules for a UN-administered global emissions market, the real drivers of the Saudi move are clear: monetization of every single asset the country holds in theory. A statement made by Riham ElGizy, CEO of Saudi's RVCMC (Regional Voluntary Carbon Markets Company), indicated that 2.5 million tons of carbon credits will start to be auctioned today. RVCMC also stated that the funds will help climate projects in the global south and support the Kingdom's net zero goals.
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