The Regional Voluntary Carbon Market Company (VCM) has signed a memorandum of understanding (MoU) with Marubeni Corporation for collaboration on carbon project, marking a significant expansion in the exchange’s global reach and diversification throughout Asia.
VCM also signed a partnership agreement with Climate Bridge International from Singapore as an advisory partner. VCM and Climate Bridge International will jointly accelerate the development of carbon project development in Saudi Arabia and the global south.
Climate Bridge International helps organizations design and scale climate-aligned strategies, programs, and partnerships, with their work spanning carbon project development, sustainability innovation, policy insight, and multi-stakeholder collaboration.
The collaboration with Marubeni and Climate Bridge International reinforces VCM’s role as a world-leading, transparent, high-integrity platform that connects buyers and suppliers of carbon credits across regions, while expanding access to credible, high-quality climate solutions.
VCM’s new partnerships reflect international confidence in the Kingdom’s success in forging an institutional-grade carbon market, increased interest among Asian enterprises in Saudi Arabia’s economy, and stronger collaboration around sustainability, green investment, and climate action.
The partnerships were formalized during the Future Investment Initiative (FII) Priority Summit in Tokyo. The signing took place in the presence of Saudi Ambassador to Japan Dr. Ghazi Binzagr and Chairperson of VCM Rania Nashar, underscoring the strategic significance of the agreements.
Fadi Saadeh Acting CEO and Head of Technology, VCM
“The MoU for collaboration with Marubeni at VCM, further additions to our marketplace from Asia, propelling the exchange’s growth as a truly global marketplace, significantly diversifying our membership, and cementing our international status. This participation marks a new chapter in our collaboration with Asia’s leading economies and demonstrates the trust global partners place in the Kingdom of Saudi Arabia’s efforts to build a world-class, transparent carbon market that enables real, measurable impact across regions. We also welcome Climate Bridge International as our advisory partners, enabling entities from the Kingdom and the region to benefit from the expertise provided by this leading Singaporean entity.”
Chairman of Marubeni Saudi Investment Naoki Tamaki stated that, “This MoU with RVCMC is closely aligned with the Kingdom’s Vision 2030 and brings together RVCMC’s expertise in developing a high-integrity voluntary carbon market with Marubeni’s global experience in carbon-credit trading and renewable energy. Through this MOU, we aim to contribute to the Kingdom’s transition toward a low-carbon economy and to support the establishment of a transparent and trusted carbon-market ecosystem that enables sustainable economic growth in Saudi Arabia and the wider Middle East.”
CEO of Climate Bridge International Alvin Lim, commented that, “Our work with VCM is about combining strengths, its market-building role with our project development expertise. Together, we can help shape a new generation of carbon projects in Saudi Arabia and beyond that are technically robust, investment-ready, and aligned with the highest integrity standards.”
Furthermore, VCM launched Saudi Arabia’s first voluntary carbon credit exchange platform on November 12, 2024. The platform is designed to meet market requirements for a transparent, scalable, and increasingly liquid marketplace by offering institutional-grade infrastructure to enable transparent and secure transactions, facilitating price and data discovery for carbon credit projects, which is key to growing the market globally and providing a price signal on projects from the MENA region.
It also offers open market connectivity, integrated with leading global registries, and scope to develop specialized infrastructure for trade in carbon credits to support Islamic finance. Additionally, the platform includes an auction market, request for quote, and reported trade functionality, with more functionalities launching in the future.
