{"id":7891,"date":"2024-05-13T13:45:14","date_gmt":"2024-05-13T13:45:14","guid":{"rendered":"https:\/\/sotnews.agency\/?p=7891"},"modified":"2024-05-13T13:45:14","modified_gmt":"2024-05-13T13:45:14","slug":"international-islamic-trade-finance-corporation-itfc-and-regional-voluntary-carbon-market-company-rvcmc-sign-memorandum-of-understanding-mou-for-the-blue-carbon-generation-project","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=7891","title":{"rendered":"International Islamic Trade Finance Corporation (ITFC) and Regional Voluntary Carbon Market Company (RVCMC) Sign Memorandum of Understanding (MOU) for \u2018The Blue Carbon Generation Project\u2018"},"content":{"rendered":"
\n
\n \t<\/i> Read Time:<\/span>3 Minute, 59 Second <\/div>\n\n <\/div>
<\/div>\n\n

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org<\/a>), a member of the Islamic Development Bank (IsDB) Group, signed a Memorandum of Understanding (MOU) with the Regional Voluntary Carbon Market Company (RVCMC) aimed to assist the Republic of Maldives in achieving its sustainability goals and addressing climate change\u2019s impact.<\/p>\n

The project aims to assess the potential and feasibility of generating \u201cBlue Carbon Credits\u201d from the Maldives Coastal Ecosystem (mangroves forests and seagrass meadows) and to facilitate the sale of generated credits to carbon markets.\u00a0 This agreement was signed between Eng. Hani Salem Sonbol, CEO of ITFC and Riham ElGizy, CEO of RVCMC on the sidelines of the IsDB Group Annual Meetings held in Riyadh.<\/p>\n

Commenting on the signing of the agreement, Eng. Hani Salem Sonbol, CEO of ITFC stated: \u201cAt ITFC, we prioritize sustainability in all our interventions aimed at supporting our Member Countries. Our commitment is to assist in the fight against climate change by partnering with national and regional efforts. This new collaboration with RVCMC and the Republic of Maldives is significant as it demonstrates the growing interest of our Member Countries in carbon credit. It also provides an opportunity for the Maldives to achieve its sustainability goals, which will benefit the population and the local economy.\u201d<\/em><\/p>\n

Riham ElGizy, CEO of RVCMC said, \u201cThe voluntary carbon market scales projects that mitigate the impact of climate change and promote sustainable development, and we see significant potential in developing blue carbon projects in the Maldives. By integrating carbon reduction and removal initiatives through the preservation and restoration of coastal habitats into its broader sustainability agenda, we believe that the Government of Maldives can achieve lasting positive climate impacts.\u201d<\/em><\/p>\n

This collaboration with RVCMC marks a milestone towards ITFC\u2019s ambition to align with global environmental, social, and governance (ESG) practices and integrate environmental conservation with sustainable economic development, benefiting both the Maldives and the global fight against climate change.<\/p>\n

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).<\/p>\n

Media Contact:<\/strong>
ITFC<\/strong>
\nTel: +966 12 646 8337
\nFax: +966 12 637 1064
\nE-mail:\u00a0ITFC@itfc-idb.org<\/a><\/p>\n

RVCMC<\/strong>
\nFor commercial enquiries about participating in RVCMC\u2019s voluntary carbon markets, please contact: MVCM@pif.gov.sa
\nFor media enquiries about RVCMC, please contact: RVCMC@teneo.com<\/a><\/p>\n

Social Media:<\/strong>
ITFC<\/strong>
\nTwitter:\u00a0https:\/\/apo-opa.co\/49nwieY<\/a>
\nFacebook:\u00a0https:\/\/apo-opa.co\/49eQEIa<\/a>
\nLinkedIn:\u00a0https:\/\/apo-opa.co\/49WCtY7<\/a><\/p>\n

RVCMC<\/strong>
\nFollow the company on Linkedin:\u00a0https:\/\/apo-opa.co\/3K482nP<\/a>
\nFollow on Twitter:\u00a0https:\/\/apo-opa.co\/3JYC24H<\/a>;\u00a0https:\/\/apo-opa.co\/3JVEk4H<\/a>
\nView the website:\u00a0https:\/\/VCM.com.sa<\/a><\/p>\n

About the International Islamic Trade Finance Corporation (ITFC):<\/strong>
\nThe International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$75 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries\u2019 needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.<\/p>\n

About RVCMC:\u00a0<\/strong>
\nRVCMC was established by Public Investment Fund (PIF) and Saudi Tadawul Group Holding Company (Saudi Tadawul Group) in October 2022. PIF holds an 80% stake and Tadawul Group holds a 20% stake in the company. RVCMC is creating a credible voluntary carbon market at speed and at scale with global impact. The market prioritizes high quality carbon credits and positive climate action. The company is creating an ecosystem that includes an investment fund for climate mitigation projects, an exchange for the trading of carbon credits and advisory services that help organizations understand how to decarbonize.<\/p>\n

RVCMC successfully auctioned 2.2 million tons of voluntary carbon credits in the largest-ever carbon credit sale that was held in Nairobi, Kenya on June 14th, 2023. The auction offered high-quality CORSIA-eligible and Verra-registered carbon credits. The Nairobi event was the second sale of carbon credits held by RVCMC. In October 2022, RVCMC hosted its first auction at the sixth Future Investment Initiative (FII) in Riyadh. This marked what was then the largest-ever carbon credit sale auction with 1.4 million tons of carbon credits successfully auctioned: enough to compensate for the annual emissions of approximately 250,000 gasoline-powered family cars.\u00a0 In October 2023, RVCMC and PIF hosted the world\u2019s first Global South Carbon Market Conference at FII7 in Riyadh.\u00a0\u00a0<\/p>

\n
\n \n
\n \n \"Happy\"\n <\/a>\n
\n Happy <\/div>\n
\n 0<\/span>\n \n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Sad\"\n <\/a>\n
\n Sad <\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Excited\"\n <\/a>\n
\n Excited <\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Sleepy\"\n <\/a>\n
\n Sleepy <\/div>\n
\n 0<\/span>\n \n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n
\n \n \"Angry\"\n <\/a>\n
Angry<\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n \n <\/div>\n <\/div>\n\n
\n \n \"Surprise\"\n <\/a>\n
Surprise<\/div>\n
\n 0<\/span>\n 0<\/span> %<\/span>\n <\/div>\n <\/div>\n\n <\/div>\n <\/div>\n\n ","protected":false},"excerpt":{"rendered":"

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, signed a Memorandum of Understanding (MOU) with the Regional Voluntary Carbon Market Company… <\/p>\n","protected":false},"author":1,"featured_media":7892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-7891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/7891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7891"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/7891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/7892"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}