Saudi Arabia and ICR Sign Historic MoU at COP16 Riyadh - Framework for Nature Based Solutions

REYKJAVIK, Iceland, Dec. 19, 2024 /PRNewswire/ -- In a collaboration aimed at advancing global climate solutions, the National Center for Vegetation Cover Development and Combating Desertification (NCVC) and the International Carbon Registry (ICR) entered a Memorandum of Understanding (MoU) during the COP16 to the UN Convention to Combat Desertification in Riyadh. This MoU signifies a major step forward in leveraging Nature-Based Solutions (NBS) to address climate challenges and foster sustainable development in the Kingdom of Saudi Arabia.

Saudi Arabia is committed to advancing its Saudi Green Initiative as part of Vision 2030, a framework emphasizing active collaboration and effective engagement with local and international parties. This partnership reflects the Kingdom's ambition to combat desertification, restore ecosystems, and establish itself as a global leader in climate action and carbon markets.

The MoU formalizes a cooperative framework to develop and implement a Greenhouse Gas (GHG) Program centered on NBS initiatives. These initiatives include afforestation, mangrove restoration, biochar production, and algae cultivation. By integrating local, regional, and international expertise, the program will drive efforts to mitigate desertification, enhance biodiversity, and position Saudi Arabia as a leader in global carbon markets and to contribute to combat desertification.

The National Center for Vegetation Cover Development and Combating Desertification (NCVC) is a governmental institution mandated to protect, restore, and sustain vegetation cover while maintaining the balance of natural ecosystems. Committed to conserving natural resources, enhancing biodiversity, and promoting sustainable use for future generations, NCVC also plays an integral role in establishing partnerships at local and international levels. Collaborating with various sectors, addressing environmental challenges, reducing GHG emissions, mitigating impacts of climate change, and improving quality of life in affected communities, effectively aligning with the ambitious goals of the Saudi Green Initiative.

This collaboration between ICR and the NCVC aligns with Saudi Arabia's Vision 2030, which emphasizes sustainable development, environmental restoration, and international partnerships. The program is expected to result in:
Enhanced carbon sequestration and biodiversity conservation.
Progress in combating desertification and supporting water conservation.
Economic opportunities for local communities through green initiatives.
Saudi Arabia's establishment as a global leader in implementation of carbon markets at the national level.

Mr. Gudmundur Sigbergsson, CEO of ICR, stated:

The International Carbon Registry is proud to bring its expertise in standardization, validation, verification, accreditation and the management of a GHG program and exploiting digital registry infrastructure to support Saudi Arabia's ambitious climate goals. Together, we will advance transparency, credibility, and impact in the global carbon market.

This MoU is not merely a symbolic gesture but the first step for building a robust framework for action. It lays the groundwork for projects and highlights the commitment of both parties to advance practical, scalable climate solutions.

CONTACT:

For media inquiries, contact:
Alondra Silva Munoz
Chief Marketing Officer at ICR
alondra@carbonregistry.com 

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