The International Islamic Trade Finance Company (ITFC) (www.ITFC-idb.org), member of the Islamic Development Bank (IsDB) Group, has signed a Memorandum of Understanding (MOU) with the Regional Voluntary Carbon Market Company (RVCMC), aimed at helping the Republic of Maldives achieve its sustainability goals and address of the consequences of climate change.
The project aims to assess the potential and feasibility of generating “Blue Carbon Credits” from the Maldives coastal ecosystem (mangrove forests and seagrass meadows) and to facilitate the sale of generated credits to carbon markets. This agreement was signed between Eng. Hani Salem Sonbol, CEO of ITFC and Riham ElGizy, CEO of RVCMC on the sidelines of the annual IsDB Group meetings in Riyadh.
Commenting on the signing of the agreement, Eng. Hani Salem Sonbol, CEO of ITFC, stated: “At ITFC, we prioritize sustainability in all our interventions aimed at supporting our member states. Our commitment is to help in the fight against climate change by working together with national and regional efforts. This new partnership with RVCMC and the Republic of Maldives is important as it demonstrates our Member States’ growing interest in carbon credits. It also provides the Maldives with an opportunity to achieve its sustainability goals, which will benefit its people and the local economy.”
Riham ElGizy, CEO of RVCMC said: “The voluntary carbon market scales up projects that mitigate the impact of climate change and promote sustainable development, and we see significant potential in the development of blue carbon projects in the Maldives. By integrating carbon reduction and removal initiatives through the conservation and restoration of coastal habitats into its broader sustainability agenda, we believe the Government of the Maldives can achieve lasting positive climate impacts.”
This collaboration with RVCMC marks a milestone towards ITFC’s ambition to align with global Environmental, Social and Governance (ESG) practices and integrate environmental conservation with sustainable economic development, which will benefit both the Maldives and benefits the global fight against climate change.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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For commercial inquiries about participating in RVCMC’s voluntary carbon markets, please contact: MVCM@pif.gov.sa
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About the International Islamic Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of promoting trade among the OIC member states, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people around the world. Launched in January 2008, ITFC has provided $75 billion in financing to OIC member states, making it the leading provider of trade solutions for these member states’ needs. With a mission to become a catalyst for trade development for OIC Member States and beyond, the Corporation helps Member States entities better access trade finance and provides them with the necessary trade-related capacity building tools, enabling them to would enable it to compete successfully in the global marketplace.
About RVCMC:
RVCMC was founded in October 2022 by Public Investment Fund (PIF) and Saudi Tadawul Group Holding Company (Saudi Tadawul Group). PIF has an 80% stake and Tadawul Group has a 20% stake in the company. RVCMC is creating a credible voluntary carbon market with global impact, quickly and at scale. The market is prioritizing high-quality carbon credits and positive climate action. The company is creating an ecosystem that includes an investment fund for climate mitigation projects, a carbon credit trading exchange, and advisory services that help organizations understand how to decarbonize.
RVCMC successfully auctioned 2.2 million tonnes of voluntary carbon credits in the largest ever carbon credit sale held on June 14, 2023 in Nairobi, Kenya. The auction offered high-quality CORSIA-eligible and Verra-registered carbon credits. The event in Nairobi was the second sale of carbon credits held by RVCMC. In October 2022, RVCMC organized its first auction at the sixth Future Investment Initiative (FII) in Riyadh. This marked what was at the time the largest ever carbon credit auction, with 1.4 million tonnes of carbon credits successfully auctioned: enough to offset the annual emissions of around 250,000 petrol family cars. In October 2023, RVCMC and PIF organized the world’s first Global South Carbon Market Conference at FII7 in Riyadh.
