Wednesday, October 23, 2024
flynas, a global leader in low-cost air travel and the top LCC in the Middle East, has entered into a partnership with the Regional Voluntary Carbon Market Company (VCM), a venture owned by the Public Investment Fund (PIF) and Saudi Tadawul Group. The collaboration focuses on carbon offsetting, environmental sustainability, and aligning with Saudi Arabia’s vision to achieve net-zero emissions by 2060.
The agreement was signed by Riham ElGizy, CEO of VCM, and Waleed Ahmed, Director of Corporate Communications at flynas. It outlines the framework for their cooperation in the voluntary carbon market, including participation in VCM’s carbon credit trading platform, which is set to launch in November 2024.
Waleed Ahmed highlighted that this agreement supports flynas’ sustainability strategy, which is centered on implementing initiatives that benefit the environment, society, and the economy.
“flynas is moving towards launching a voluntary carbon offset program with the participation of passengers on its domestic and international flights. The partnership with the Regional Voluntary Carbon Market Company will constitute a qualitative addition to flynas’ sustainability programs and ensure that its initiatives align with national objectives to reduce carbon emissions and fulfill the Kingdom’s commitments to the climate agreement,” Ahmed said.
For his part, Michael Blackwell, Chief Operating Officer of the Regional Voluntary Carbon Market, said: “We believe in driving climate action and improving livelihoods by ensuring high levels of integrity in voluntary carbon markets. This agreement is an important step in achieving the Kingdom’s climate goals, as we are keen to provide an effective framework for carbon offsetting, which contributes to protecting our environment and achieving the necessary balance between economic development and preserving our planet. We renew our commitment to net zero by 2060, and we are excited to see how this partnership will contribute to directing funds towards climate projects.”
VCM’s core mission is to establish a global voluntary carbon market based in Saudi Arabia, encouraging the use of high-quality carbon credits to drive positive climate action. The company offers a platform for carbon credit trading and advisory services to help businesses explore effective carbon reduction strategies.
flynas has also committed to the United Nations Global Compact, embedding the UN’s Sustainable Development Goals (SDGs) into its strategy and operations. As the first Middle Eastern LCC to join this initiative, flynas continues to strengthen its commitment to global sustainability. The airline has also aligned with the United Nations World Tourism Organization to advance sustainable tourism. Additionally, flynas has partnered with the Saudi Investment Recycling Company (SIRC) to explore recycling solutions for managing waste, including oils, plastics, and batteries.
