Riyadh, October 9, 2023, During MENA Climate Week 2023 in Riyadh, the Clean Development Mechanism Designated National Authority (CDMDNA) made a significant announcement regarding Saudi Arabia's domestic market mechanism known as the Greenhouse Gas Crediting and Offsetting Mechanism (GCOM).
This development underscores Saudi Arabia's prominent role in the region's efforts to combat climate change and its commitment to helping organizations address their carbon emissions. It aligns with the nation's broader initiative to mitigate the impacts of climate change, in line with the directives of HRH Prince Mohammed bin Salman, Crown Prince and Prime Minister, to achieve the environmental sustainability goals outlined in Saudi Vision 2030.
The announcement regarding the operationalization of GCOM builds upon the domestic market mechanism introduced by HRH Prince Abdulaziz bin Salman, Minister of Energy, during the Saudi Green Initiative at COP27 in Sharm el-Sheikh, Egypt, in November 2022. This reflects Saudi Arabia's dedication to addressing climate change comprehensively.
GCOM will be accessible to all entities operating within the Kingdom, serving as an incentive for them to engage in activities that reduce and remove emissions, aligning with Saudi Arabia's ambitious Net-Zero target for 2060.
Abdullah AlSarhan, Secretary General of the Designated National Authority, expressed pride in advancing Saudi Arabia's climate objectives through the launch of GCOM. This mechanism empowers entities throughout the Kingdom to work toward their emission reduction goals, fostering collective efforts in the pursuit of a sustainable, low-emission future. GCOM's approach is designed to be inclusive and comprehensive, enabling organizations in Saudi Arabia to leverage its domestic market mechanism for effective emissions management.
In adherence to the United Nations Framework Convention for Climate Change (UNFCCC), GCOM will play a crucial role in supporting the achievement of Saudi Arabia's Nationally Determined Contributions (NDCs). This will unlock numerous financial opportunities for national entities striving to meet their climate-related objectives, bolstering their commitment to environmental sustainability.
