Saudi Arabia’s Public Investment Fund on Monday announced the establishment of the Regional Voluntary Carbon Market Company with Saudi Tadawul Group Holding Company.

The kingdom’s sovereign wealth fund in a statement said it will hold 80% stake of the company while Tadawul Group will hold the other 20%.

The Riyadh-headquartered company will help facilitate a carbon credit auction to be held at an investment forum in the kingdom on Tuesday involving 1 million tones of carbon credits, the fund added.