Africa > UPDATE – COP27: Saudi investment fund announces opening up of Islamic finance to carbon credits

UPDATE – COP27: Saudi investment fund announces opening up of Islamic finance to carbon credits

Published 17:03 on November 11, 2022  /  Last updated at 09:27 on November 12, 2022  / /  Africa, Aviation/CORSIA, EMEA, International, Middle East, Voluntary

Billions of dollars from oil rich countries in the Arab Gulf could soon be flowing into voluntary carbon market (VCM) projects after senior representatives from Saudi Arabia's public investment fund (PIF) and the Islamic Trade Finance Corporation (ITFC) announced a fatwa, or legal ruling based on Islamic law, that will allow Islamic finance to be used for carbon credits, a side event at COP27 heard on Friday.
Billions of dollars from oil rich countries in the Arab Gulf could soon be flowing into voluntary carbon market (VCM) projects after senior representatives from Saudi Arabia's public investment fund (PIF) and the Islamic Trade Finance Corporation (ITFC) announced a fatwa, or legal ruling based on Islamic law, that will allow Islamic finance to be used for carbon credits, a side event at COP27 heard on Friday.


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