How RVCMC leveraged third-party ratings to support the launch of MENA's leading carbon exchange
What they said
Enhanced their efficiency in screening high-quality projects and internally validating their due diligence
Increased customer trust through third-party validation
Strengthened its position as a leading carbon exchange in the nascent MENA market
Erik Ringvold Chief Business Development Officer at VCMBeZero’s platform supports and complements our internal due diligence, enabling us to enhance efficiency in evaluating and sourcing high-quality projects for our auctions.
Challenge
The Middle East and North Africa (MENA) region has seen growing momentum for decarbonisation and investment in voluntary carbon markets. When Saudi Arabia launched its first carbon trading exchange during COP29, the Regional Voluntary Carbon Market Company (RVCMC) was established to lead the region’s contribution to global net-zero efforts. To ensure the highest standards of environmental integrity, RVCMC implemented a comprehensive due diligence framework to identify over 2.5 million tonnes of high-integrity carbon credits for auction. In addition to its internal screening processes, RVCMC also explored third-party tools to supplement its assessments and diversify perspectives.
BeZero platform
To complement its in-house analysis and enhance operational efficiency, RVCMC incorporated BeZero’s ratings platform as one of several inputs to evaluate carbon projects. The platform offered access to screening tools and data covering a wide array of carbon project types across geographies, including market labels and vintage analysis. RVCMC curated a diversified portfolio, with 20% of the basket comprising removal credits and over 75% sourced from Global South projects focused on nature-based solutions, methane capture, and carbon storage in building materials.
Impact
By incorporating third-party insights into its broader selection framework, RVCMC bolstered buyer confidence and underscored its commitment to transparency and credibility. This approach further solidified its position as a trusted exchange platform in the evolving MENA carbon market landscape.
Carbon explored
Read about the latest insights, analysis and trends in global carbon markets.
Explore Insights
Carbon Markets in the Middle East and North Africa: cost or opportunity?
Examining the role of carbon markets in the MENA region, exploring the current state of the market, existing initiatives, and emerging opportunities
Introducing Pre-rating Scorecard: Assess unrated carbon projects with confidence
Introducing Pre-rating Scorecards on our platform, an interactive, data-driven tool that puts our public ratings methodologies in customers’ hands