RIYADH — The Clean Development Mechanism Designated National Authority (CDMDNA) unveiled a significant milestone on Monday with the operational launch of Saudi Arabia's domestic market mechanism, the Greenhouse Gas Crediting and Offsetting Mechanism (GCOM), at MENA Climate Week 2023, currently under way in Riyadh.

This strategic move underscores Saudi Arabia's leadership in the region in tackling climate challenges and empowers institutions to address their emissions, aligning with the Kingdom’s commitment to reduce the impact of climate change.

The initiative is part of the broader efforts guided by Crown Prince and Prime Minister Mohammed Bin Salman to achieve the environmental sustainability objectives outlined in Saudi Vision 2030.

The announcement of GCOM's operation follows the unveiling of the domestic market mechanism by Minister of Energy Prince Abdulaziz Bin Salman in November 2022 at the Saudi Green Initiative during COP27 in Sharm El-Sheikh, Egypt.

This reaffirms the Kingdom’s commitment to addressing climate change on a global scale.

GCOM is designed to be accessible to all entities within the Kingdom, offering incentives for the development of activities focused on emissions reduction and removal, contributing to Saudi Arabia’s ambitious Net-Zero target by 2060.

Abdullah Al-Sarhan, secretary general of the Designated National General, expressed pride in advancing the Kingdom’s climate ambitions through the launch of GCOM.

He emphasized that GCOM will empower entities across the Kingdom to achieve their emission reduction and removal goals, fostering collective action toward a sustainable and low-emission future.

GCOM's approach is characterized by its comprehensiveness and inclusivity, providing entities within the Kingdom with access to the domestic market mechanism for effective emissions management.

Aligned with the United Nations Framework Convention for Climate Change (UNFCCC), GCOM is poised to support the realization of Saudi Nationally Determined Contributions (NDCs), unlocking numerous financial opportunities for national entities committed to meeting their climate objectives.

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