More than a dozen companies, mainly from Saudi Arabia, are bidding on 2 million tonnes of carbon credits as the Kenyan capital hosts what organizers have billed as the world's largest sale of its kind
Demand for carbon offsets, generated through projects such as tree planting or using cleaner cooking fuel, is expected to grow as companies seek to use the credits to help meet net-zero emissions goals.
Bidders at the auction include Saudi Airlines, RVCMC CEO Riham ElGizy told Reuters, since the certification of the credits includes offsetting airline emissions. As more companies target net-zero emissions by 2050, demand for offsets is set to grow, although some have been put off by concerns around the quality of some projects and various groups are seeking to put firmer guard-rails around the industry.
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