Riyadh: The Voluntary Carbon Market Company (VCM) announced the signing of a series of strategic agreements aimed at expanding its network of international partners and strengthening its corporate advisory division.

According to Saudi Press Agency, as part of these agreements, VCM partnered with Simplenight, a company specializing in digital transformation technologies, to develop a carbon offset service for customers purchasing travel, lifestyle, government, and other services.

The company also signed an agreement with Altitude, a provider of carbon removal financing solutions, to supply Altitude credits within Saudi Arabia. The partnership aligns with VCM’s vision to increase the use of permanent carbon removals by companies as they progress toward net-zero emissions.

In line with its efforts to empower companies to implement strategies for carbon credit creation and carbon removal, VCM entered into an agreement with Al Qaryan Group, specialized in industrial recycling, to enhance the availability of local carbon credits for trading.

Additionally, VCM formed a strategic partnership with MSCI, a global provider of carbon market analytics. The cooperation will offer Saudi companies carbon market insights that support the development and execution of decarbonization strategies in alignment with the Kingdom’s target to achieve net-zero emissions by 2060.

VCM also signed an agreement with BeZero Carbon, an independent carbon credit ratings agency, to leverage its assessment services in evaluating tradable carbon credits. The collaboration aims to provide VCM’s voluntary carbon market exchange platform participants with enhanced due diligence and promote greater transparency in carbon credit quality.

VCM Acting CEO and head of technology Fadi Saadeh said the partnerships reflect the strong confidence in the company’s vision and demonstrate to the world that VCM’s exchange platform serves as a central hub for new market entrants with ambitious goals, implementing high-quality projects.