Teneo is providing communications and stakeholder services for Saudi Arabia’s Regional Voluntary Carbon Market Co., the kingdom's platform to combat global warming.
Established in October 2022, RVCM is 80 percent-owned by Saudi Arabia’s Public Investment Fund. It serves as an auction house in which buyers in the MENA region can bid on carbon credits to bolster the transition to net zero emissions.
RVCM conducted its largest-ever auction (2.2M tons of carbon credits) in Nairobi in June. Sixteen companies including Saudi Aramco, Saudi Arabia Mining Co., Saudi Basic Industries, and Yanbu Cement purchased carbon credits on projects in Kenya, Uganda, Morocco, Egypt, South Africa and Rwanda.
Teneo provides narrative development, tailored messaging, talking points, media relations, and issues management services to RVCM. Its six-month engagement is worth $650K.
RVCM is part of crown prince Mohammed bin Salman’s “Vision 2030” economic transformation plan.
The PIF is driving Saudi Arabia’s mission to achieve net zero emissions status by 2060.