Oct 27, 2022
Saudi Arabian Mining Company (Ma’aden), the largest multi-commodity mining and metals company in the Middle East, is one of the largest purchasers of carbon credits from the first MENA Voluntary Carbon Market auction and the largest in the world, held on October 26, 2022, at the 6th edition of the Future Investment Initiative in Riyadh.
The auction offered high-quality CORSIA-compliant and Verra-registered carbon credits, with 15 Saudi and regional entities participating in the sale.
Commenting on the milestone, Robert Wilt, CEO of Ma’aden, said: “As the world moves towards net zero, we need to do our part to ensure meaningful emission reductions in value chains. We are proud to support this world-leading initiative by Saudi Arabia, which reiterates the nation’s commitment to net zero ambitions.”
Wilt continued, “Ma’aden is committed to being an ESG leader in the Kingdom as the mining industry grows in prominence and becomes a key player in powering the energy transition. We will continue to decarbonize our operations as we seek to build the mining industry into the third pillar of Saudi economy, in line with Vision 2030.”
Ma’aden has made significant strides in its efforts to decarbonize its operations, with the goal to achieve carbon neutrality by 2050. Other initiatives include a commitment to build the world’s largest solar process steam plant in Ras Al Khair, which will reduce Ma’aden’s emissions by 600,000 tons annually, and a commitment to plant 20 million trees by 2040 to contribute to the Saudi Green Initiative. Ma’aden has planted over 3 million trees since 2013.