1.4 million tons of carbon credits successfully auctioned at the Voluntary Carbon Market; Initiative during the Future Investment Initiative Conference

RIYADH – The Public Investment Fund ("PIF" or the "Fund") today announcedthe successful auction of 1.4 million tons of carbon credits, in the largest-ever carbon credit sale that was held on the first day of the 6th Edition of the Future Investment Initiative ("FII") in Riyadh.

15 Saudi and regional entities took part in the auction and at the closing ceremony certificates were presented to the participants by Yazeed Al-Humied, Deputy Governor and Head of MENA Investments for their participation in the auction.

Aramco, Olayan Financing Company and Saudi Arabian Mining Company (MA'ADEN) purchased the largest number of carbon credits. The other successful bidders at the auction are as follows:

Abdul Latif Jameel

ACWA POWER Company

ENOWA (a subsidiary of NEOM)

GOLF SAUDI

Gulf International Bank

International Islamic Trade Finance Corporation

Saudi Basic Industries Corporation (SABIC)

Saudi Motorsport Company (SMC)

Saudi National Bank

SAUDIA

Yanbu Cement Company

Zamil Group Holding Company

The auction offered high-quality CORSIA-compliant and Verra-registered carbon credits to support businesses operating in a diverse range of industries in the region as they play their part in the global transition to net zero, ensuring that carbon credit purchases go above and beyond meaningful emission reductions in value chains. The auction will play an important role in PIF's wider efforts to drive investment and innovation required to address the impact of climate change and support Saudi Arabia's efforts to achieve net zero by 2060.

The VCM initiative is a continuation of PIF's efforts to support Saudi Arabia's green agenda and follows previous announcements by the Fund, including the completion of its USD 3 billion inaugural green bond, and the various renewable projects PIF is spearheading as part of its commitment to develop 70% of Saudi Arabia's renewable energy capacity, in line with Vision 2030.