The purpose of establishing the
GCOM
in the Kingdom is to achieve specific national emission reduction and/or removal
levels, aligned with Saudi’s ambitious climate goals, in the most cost-effective
manner. It aims to increase cooperation among national entities seeking to fulfil
their climate ambitions by helping to mobilize finance in all sectors for a variety
of projects and activities. The
GCOM
also aims to drive positive social, environmental and economic impacts beyond emission
reductions or removals.
The ultimate objective of the
GCOM
is to drive progress towards a path to net zero emissions by allowing interested
companies and entities to offset their greenhouse gas emissions by purchasing credits
and/or certificates from project proponents that voluntarily reduce or remove greenhouse
gas emissions. The Mechanism is also meant to promote high-quality credits and/or
certificates by providing guidance, transparent infrastructure, and best practices,
including for project-level accounting.