In line with Saudi Arabia’s goal to hit net-zero emissions by 2060, today at the United Nations’ MENA Climate Week in Riyadh, it announced the Greenhouse Gas Crediting and Offsetting Mechanism (GCOM).
Set to launch in early 2024, the initiative, unveiled by the Clean Development Mechanism Designated National Authority, aims to “increase cooperation among national entities seeking to fulfill their climate ambitions by helping to mobilize finance in all sectors for a variety of projects and activities.”
The GCOM is a voluntary, project-based program and aligns with Article 6 of the Paris Climate Agreement. Further, the scheme, which covers greenhouse gas and non-greenhouse gas “metrics across all sectors,” is open to participation from both the public and private sectors, as well as subsidiaries of foreign companies.
The Saudi Press Agency reported that Abdullah AlSarhan, Secretary General of the Designated National General, said: “We are proud to advance the Kingdom’s climate ambitions through the launch of the Greenhouse Gas Crediting and Offsetting Mechanism. GCOM will enable entities across the Kingdom to meet their goals to reduce and remove emissions, ensuring collective action in our journey towards a sustainable and low-emission future.”