GIB Takes Part in PIF’s Voluntary Carbon Markets Auction and Signs to Support the Kingdom’s Decarbonisation Goals

Gulf International Bank – Saudi Arabia (GIB) announced that it took part in the world’s largest-ever carbon credit auction of 1.4 million tonnes, launched by Saudi Arabia’s Public Investment Fund (PIF) at the opening day of the sixth edition of the Future Investment Initiative (FII) in Riyadh. The Voluntary Carbon Market (VCM) initiative aims to encourage companies in the Kingdom, to trade carbon credits, which will, in turn accelerate the transition to a carbon neutral future.

GIB was one of two banks that participated in the pioneering auction, successfully purchasing high-quality, CORSIA-compliant and Verra-registered carbon credits that, alongside other initiatives, will offset the Bank’s entire 2021 emissions. GIB also signed with PIF to become an on-going partner in the initiative alongside fourteen other Saudi and regional companies to help Saudi Arabia meet its climate change commitments. 

Commenting, Abdulaziz Al-Helaissi, GIB Group CEO, said, “We are delighted to have taken part in this ground-breaking initiative and to partner with the PIF to support their endeavours to address the impact of climate change and the realisation of the Kingdom’s efforts to achieve net zero by 2060. We continue to put sustainability at the heart of our business model and are committed to the decarbonisation of our own business to support the net zero journeys of our clients. This is a tremendous initiative, and we look forward to doing all we can to encourage awareness and participation by our peers and by companies across all sectors.”