Saudi Arabia and ICR Sign Historic MoU at COP16 Riyadh - Framework for Nature Based Solutions

The MoU formalizes a cooperative framework to develop and implement a Greenhouse Gas (GHG) Program centered on NBS initiatives. These initiatives include afforestation, mangrove restoration, biochar production, and algae cultivation. By integrating local, regional, and international expertise, the program will drive efforts to mitigate desertification, enhance biodiversity, and position Saudi Arabia as a leader in global carbon markets and to contribute to combat desertification.

The National Center for Vegetation Cover Development and Combating Desertification (NCVC) is a governmental institution mandated to protect, restore, and sustain vegetation cover while maintaining the balance of natural ecosystems. Committed to conserving natural resources, enhancing biodiversity, and promoting sustainable use for future generations, NCVC also plays an integral role in establishing partnerships at local and international levels. Collaborating with various sectors, addressing environmental challenges, reducing GHG emissions, mitigating impacts of climate change, and improving quality of life in affected communities, effectively aligning with the ambitious goals of the Saudi Green Initiative.

This collaboration between ICR and the NCVC aligns with Saudi Arabia's Vision 2030, which emphasizes sustainable development, environmental restoration, and international partnerships. The program is expected to result in:
Enhanced carbon sequestration and biodiversity conservation.
Progress in combating desertification and supporting water conservation.
Economic opportunities for local communities through green initiatives.
Saudi Arabia's establishment as a global leader in implementation of carbon markets at the national level.

Mr. Gudmundur Sigbergsson, CEO of ICR, stated:

This MoU is not merely a symbolic gesture but the first step for building a robust framework for action. It lays the groundwork for projects and highlights the commitment of both parties to advance practical, scalable climate solutions.

CONTACT:

For media inquiries, contact:
Alondra Silva Munoz
Chief Marketing Officer at ICR
[email protected] 

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