flynas has signed an agreement with the Regional Voluntary Carbon Market Company (VCM), to cooperate in the field of carbon offsetting, environmental protection, and sustainability, in line with the Kingdom's net zero 2060 goals.
flynas is the leading low-cost airline in the world and the best LCC in the Middle East and VCM is owned by the Public Investment Fund (PIF) and Saudi Tadawul Group.
The agreement was signed by Riham ElGizy, Chief Executive Officer of VCM, and Waleed Ahmed, Director of Corporate Communications at flynas.
This aims to establish the foundations of cooperation between the two parties and determine the relevant conditions regarding participation in the voluntary carbon market, including participation in the carbon credit trading platform, to be launched by VCM in November 2024.
Director of Corporate Communications at flynas, Waleed Ahmed, explained that the agreement aligns with the company's sustainability strategy to adopt initiatives with sustainable impact on the environment, society, and economy.
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Ahmed said: "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 fulfil the Kingdom's commitments to the climate agreement."
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 mission is to create a global voluntary carbon market based in Saudi Arabia, enabling the local market to prioritize high-quality carbon credits and take positive climate action.
The company is building an ecosystem that includes a carbon credit trading platform and advisory services to help businesses and industries understand carbon reduction methods.
flynas signed up for the United Nations Global Compact to work towards making the UN Sustainable Development Goals (SDGs) part of its strategy, culture, and operations, making the national carrier the first LCC in the Middle East to join the world's most significant corporate sustainability initiative.
flynas has also joined the United Nations World Tourism Organization, enhancing the company's capabilities to contribute to sustainable global tourism.
The leading LCC has also signed an agreement with the Saudi Investment Recycling Company (SIRC) to explore partnership opportunities and best options for adopting technology and ideal recycling solutions to treat flynas' waste, such as oils, plastics, batteries, etc.
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