• Program Climate & Sustainability Climate & Sustainability
  • Type Discussion paper
  • Date 09 March 2025
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Abstract

The Kingdom of Saudi Arabia has been taking steps towards carbon market development to stimulate domestic and international climate action. In 2022, the government announced a domestic greenhouse gas (GHG) crediting mechanism – the Greenhouse Gas Crediting and Offsetting Mechanism (GCOM) – which will be the first government-led carbon crediting mechanism to be set up in the Gulf region. In parallel, Saudi Arabia’s largest sovereign wealth fund, the Public Investment Fund (PIF), has established the Regional Voluntary Carbon Market Company (RVCMC) that is providing a marketplace for internationally traded carbon credits. 

Authors

Paul Zakkour

Paul Zakkour

Visiting Researcher Paul Zakkour was a director of the consultancy Carbon Counts and a visiting researcher at KAPSARC. Paul has more than…

Paul Zakkour was a director of the consultancy Carbon Counts and a visiting researcher at KAPSARC. Paul has more than 17 years’ experience in the field of climate change policy, regulation and economics. Among other work, Paul advised on the design of European CCS regulations in 2007/08 and on the UNFCCC’s CCS rules under the clean development mechanism in 2010/11. Paul holds a Ph.D. in Environmental Technology from Imperial College, London.

Anwar Gasim

Principal Fellow- Climate and Sustainability Anwar is an energy and environmental economist with an engineering background and over a decade of research and advisory experience…

Anwar is an energy and environmental economist with an engineering background and over a decade of research and advisory experience around the areas of energy demand, greenhouse gas emissions, energy price reform, and carbon pricing. He currently leads multiple cross-functional teams on key projects tackling these areas, with a proven track record of publishing high-impact papers, providing consulting services to policymakers, and building the capabilities of talent within the organization. Anwar’s research has been published in leading energy and environmental journals and has been picked up by leading news media. Anwar also has experience transforming organizations, having been a member of task forces responsible for refreshing organizational strategy and building human capital.

Anwar is currently wrapping up a Ph.D. from UCL in Sustainable Resources (sub-specialization in Economics). He holds an M.Sc. from KAUST in Electrical Engineering and a B.Eng. from the University of Liverpool in Electronics and Communication Engineering.

Expertise

  • Energy price reform; Energy demand; Measuring GHG emissions; Carbon pricing; Carbon markets

Publications See all Anwar Gasim’s publications

Mari Luomi

Principal Fellow- Climate & Sustainability Mari is a policy-oriented social scientist who has been studying climate change, energy transitions and sustainable development policy in the…

Mari is a policy-oriented social scientist who has been studying climate change, energy transitions and sustainable development policy in the Gulf and globally for 17 years. At KAPSARC, she leads research projects on carbon markets and Paris Agreement Article 6, and on the Circular Carbon Economy Index.

She has worked for other leading energy, sustainable development and foreign policy research institutions, including the Oxford Institute for Energy Studies, the International Institute for Sustainable Development (Earth Negotiations Bulletin), Georgetown University, the Finnish Institute of International Affairs, and the Emirates Diplomatic Academy.

Mari holds a master’s degree in political science and international politics from the University of Helsinki and a Ph.D. in Middle Eastern studies from Durham University.

In addition to a broad research publications portfolio, she has substantial experience in executive training, presentations, policy advisory, and reporting services for multilateral environmental negotiations.

Expertise

  • Climate Change Policy and Governance
  • Net-Zero Energy Transitions
  • Circular Carbon Economy
  • Sustainable Energy Policy
  • Greenhouse Gas Emissions Measurement
  • Verification and Reporting
  • Carbon Markets
  • Paris Agreement Article 6

Publications See all Mari Luomi’s publications

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