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Saudi Arabia Aims for Global Carbon Market Share Equal to Regional Emissions

Riham ElGizy, CEO of Voluntary Carbon Market.
Riham ElGizy, CEO of Voluntary Carbon Market.
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Saudi Arabia Aims for Global Carbon Market Share Equal to Regional Emissions

Riham ElGizy, CEO of Voluntary Carbon Market.
Riham ElGizy, CEO of Voluntary Carbon Market.

Riham ElGizy, CEO of Voluntary Carbon Market (VCM), a Saudi company which is the first of its kind in the MENA region, said the company currently holds about 1.3% of the global carbon trading market.

In exclusive remarks to Asharq Al-Awsat during the Portfolio Egypt 2024 conference in Cairo on Monday, ElGizy predicted that by 2030, the company’s carbon trading volume could reach 100 million tons, making it one of the largest carbon markets worldwide.

“We aim to achieve a market share that matches the region’s carbon emissions,” she said.

Since 2013, global carbon emissions have exceeded 35 billion tons each year, with growth slowing in recent years. In 2021, Arab countries emitted over 2 billion tons of carbon dioxide, representing 5.45% of global emissions, according to European Union statistics.

The VCM enables companies, governments, and individuals to buy and sell credits that represent reductions in carbon dioxide emissions.

These credits can offset emissions that cannot be reduced through other methods, such as improving energy efficiency or using renewable energy sources. This market is increasingly viewed as an effective way to address climate change.

ElGizy announced that the company has increased the region’s carbon trading share from zero to 1.3% of the global market. This growth is attributed to two recent auctions held by the company.

Last year, around 200 million tons of carbon emissions were removed globally, equivalent to emissions from a country like Spain. ElGizy projected that the market’s trade value could reach $100 billion by 2030 and $250 billion by 2050.

According to the World Bank, carbon pricing revenues reached a record $104 billion in 2023.

In October 2022, the VCM held its first auction, selling about 1.4 million metric tons of carbon credits. The second auction in June 2023 sold around 2.2 million tons.

ElGizy announced plans for a third auction in November, expected to feature 2.5 to 3 million metric tons of carbon credits, coinciding with the launch of a new carbon trading platform at COP29 in Baku, Azerbaijan.

She emphasized that several Saudi and regional companies would participate in this auction, noting its significant size and impact. For perspective, she explained that the first auction's 1.4 million tons represented emissions from 250,000 family cars each year.

Looking ahead, ElGizy expects the company’s carbon trading volume to reach 100 million tons by 2030, positioning it among the largest carbon markets globally. She also highlighted the need for trade to shift from the Global North to the Global South and expressed a goal for Saudi Arabia to lead in regional carbon markets.

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Business

Internet Shutdown Squeezes Iran’s Ailing Businesses Already Hurt by Crashing Currency

Iranians walk in street in Tehran, Iran, 20 January 2026. (EPA)
Iranians walk in street in Tehran, Iran, 20 January 2026. (EPA)
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Internet Shutdown Squeezes Iran’s Ailing Businesses Already Hurt by Crashing Currency

Iranians walk in street in Tehran, Iran, 20 January 2026. (EPA)
Iranians walk in street in Tehran, Iran, 20 January 2026. (EPA)

Iranians have been struggling for nearly two weeks with the longest, most comprehensive internet shutdown in the history of the country — one that has not only restricted their access to information and the outside world, but is also throttling many businesses that rely on online advertising.

Authorities shut down internet access on Jan. 8 as nationwide protests led to a brutal crackdown that activists say has killed over 4,500 people, with more feared dead. Since then, there has been minimal access to the outside world, with connectivity in recent days restored only for some domestic websites. Google also began partially functioning as a search engine, with most search results inaccessible.

Officials have offered no firm timeline for the internet to return, leading to fears by businesses across the country about their future.

One pet shop owner in Tehran, who spoke on the condition of anonymity like others for fear of reprisals, said his business had fallen by 90% since the protests. “Before that, I mainly worked on Instagram and Telegram, which I don’t have access to anymore. The government has proposed two domestic alternatives. The point is our customers are not there — they don’t use it.”

Internet outages are the latest squeeze on businesses

The internet outage compounds economic pain already suffered by Iranians. The protests, which appear to have halted under a bloody suppression by authorities, began Dec. 28 over Iran’s rial currency falling to over 1.4 million to $1. Ten years ago, the rial traded at 32,000 to $1. Before the 1979 revolution, it traded at 70 to $1.

The currency’s downward spiral pushed up inflation, increasing the cost of food and other daily necessities. The pressure on Iranians’ pockets was compounded by changes to gasoline prices that were also introduced in December, further fueling anger.

Iran’s state-run news agency IRNA quoted a deputy minister of communications and information technology, Ehsan Chitsaz, as saying the cut to the internet cost Iran between $2.8 to $4.3 million each day.

But the true cost for the Iranian economy could be far higher. The internet monitoring organization NetBlocks estimates each day of an internet shutdown in Iran costs the country over $37 million.

The site says it estimates the economic impact of internet outages based on indicators from multiple sources including the World Bank and the International Telecommunication Union, which is the United Nations’ specialized agency for digital technology.

In 2021 alone, a government estimate suggested Iranian businesses made as much as $833 million a year in sales from social media sites, wrote Dara Conduit, a lecturer at the University of Melbourne in Australia, in an article published by the journal Democratization in June.

She cited a separate estimate suggesting internet disruptions around the 2022 Mahsa Amini protests cost the Iranian economy $1.6 billion.

The 2022 internet disruptions' "far-reaching and blanket economic consequences risked further heightening tensions in Iran and spurring the mobilization of new anti-regime cohorts onto the streets at a time when the regime was already facing one of the most serious existential threats of its lifetime," Conduit wrote.

More than 500 people were reportedly killed during that crackdown and over 22,000 detained.

Prosecutors target some businesses over protest support

Meanwhile, prosecutors have also begun targeting some businesses in the crackdown.

The judiciary's Mizan news agency reported Tuesday that prosecutors in Tehran filed paperwork to seize the assets of 60 cafes it alleged had a role in the protests.

It also announced plans to seek the assets of athletes, cinema figures and others as well. Some cafes in Tehran and Shiraz have been shut down by authorities, other reports say.

Internet cuts drive more outrage

The financial damage also has some people openly discussing the internet blackout.

In the comments section of a story on the internet blackout carried by the semiofficial Fars news agency, believed to be close to the country’s paramilitary Revolutionary Guard, one reader wrote: “For heaven’s sake, please do not let this internet cut become a regular thing. We need the net. Our business life is vanishing. Our business is being destroyed.”

Another commentator questioned why the internet remained blocked after days with no reports of street protests.

It’s not just the internet blackout that is hurting businesses. The violent crackdown on the protests, and the wave of a reported 26,000 arrests that followed, also have dampened the mood of consumers.

In Iran's capital, many shops and restaurants are open, but many look empty as customers focus primarily on groceries and little else.

“Those who pass by our shops don’t show any appetite for shopping,” said the owner of an upscale tailor shop in Tehran. “We are just paying our regular expenses, electricity and staff ... but in return, we don't have anything.”

Business

Larry Fink from Davos: In Age of Artificial Intelligence, Trust Is Hardest Currency

Chairman and CEO of BlackRock, Larry Fink, attends the 56th annual World Economic Forum (WEF) meeting in Davos, Switzerland, January 21, 2026. (Reuters)
Chairman and CEO of BlackRock, Larry Fink, attends the 56th annual World Economic Forum (WEF) meeting in Davos, Switzerland, January 21, 2026. (Reuters)
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Larry Fink from Davos: In Age of Artificial Intelligence, Trust Is Hardest Currency

Chairman and CEO of BlackRock, Larry Fink, attends the 56th annual World Economic Forum (WEF) meeting in Davos, Switzerland, January 21, 2026. (Reuters)
Chairman and CEO of BlackRock, Larry Fink, attends the 56th annual World Economic Forum (WEF) meeting in Davos, Switzerland, January 21, 2026. (Reuters)

CEO of BlackRock Larry Fink kicked off the World Economic Forum on Tuesday with a stark message, acknowledging a significant erosion of trust in global institutions and elites.

Speaking at the 56th Annual Meeting of the WEF in Davos, which gathered around 65 heads of state and government and nearly 850 of the world's top CEOs and chairpersons, he acknowledged that the gathering has lost trust and “feels out of step with the moment.”

“But now for the harder question: Will anyone outside this room care? Because if we’re being honest, for many people this meeting feels out of step with the moment: elites in an age of populism, an established institution in an era of deep institutional distrust,” he admitted.

Fink, who was appointed interim co-chair of the World Economic Forum in August 2025, said it is also obvious that the world now places far less trust in the forum to help shape what comes next.

“If WEF is going to be useful going forward, it has to regain that trust,” he said.

The billionaire boss of the world’s largest asset manager said that prosperity is not just growth in the aggregate. “It can’t be measured by GDP or the market caps of the world’s largest companies alone. It has to be judged by how many people can see it, touch it, and build a future on it.”

Fink said that since the fall of the Berlin Wall, more wealth has been created than in any time prior in human history, but in advanced economies, that wealth has accrued to a far narrower share of people than any healthy society can ultimately sustain.

He noted that now AI threatens to replay the same pattern.

Fink said early gains are flowing to the owners of models, data, and infrastructure, questioning what AI does to white-collar work what globalization did to blue-collar.

He urged those gathered at Davos to create a “credible plan” for broad participation in the gains AI can deliver.

“Not with abstractions about the jobs of tomorrow, but with a credible plan for broad participation in the gains.”

In another dimension of change, Fink said the forum shouldn’t want panels where everyone agrees 95% of the time.

“The objective isn’t agreement. It’s understanding. It’s sitting with people we disagree with, taking their arguments seriously, and being willing to admit that they might see something we don’t,” he said.

Fink also noted that the central tension of the forum is that many of the people most affected by what participants talk about will never come to the conference. “Davos is an elite gathering trying to shape a world that belongs to everyone.”

He added, “That’s why this year’s theme is the Spirit of Dialogue. Because dialogue is the only way a room like this earns the legitimacy to shape ideas for people who aren’t in it.”

Fink called for WEF to start doing something new: showing up and listening in the places where the modern world is actually built. “Davos, yes. But also places like Detroit and Dublin and cities like Jakarta and Buenos Aires. The mountain will come down to earth.”

Business

China’s Vice Premier Tells Davos World Cannot Revert to 'Law of the Jungle'

20 January 2026, Switzerland, Davos: Vice Premier of the People's Republic of China He Lifeng speaks during "Special Address by He Lifeng, Vice-Premier of the People's Republic of China session" at the World Economic Forum annual meeting in Davos. (Boris Baldinger/World Ecomonic Forum/dpa)
20 January 2026, Switzerland, Davos: Vice Premier of the People's Republic of China He Lifeng speaks during "Special Address by He Lifeng, Vice-Premier of the People's Republic of China session" at the World Economic Forum annual meeting in Davos. (Boris Baldinger/World Ecomonic Forum/dpa)
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China’s Vice Premier Tells Davos World Cannot Revert to 'Law of the Jungle'

20 January 2026, Switzerland, Davos: Vice Premier of the People's Republic of China He Lifeng speaks during "Special Address by He Lifeng, Vice-Premier of the People's Republic of China session" at the World Economic Forum annual meeting in Davos. (Boris Baldinger/World Ecomonic Forum/dpa)
20 January 2026, Switzerland, Davos: Vice Premier of the People's Republic of China He Lifeng speaks during "Special Address by He Lifeng, Vice-Premier of the People's Republic of China session" at the World Economic Forum annual meeting in Davos. (Boris Baldinger/World Ecomonic Forum/dpa)

Chinese Vice Premier He Lifeng warned Tuesday the world must not revert to the "law of the jungle", speaking at the World Economic Forum in Davos as Washington steps up its bid to take Greenland.

"A select few countries should not have privileges based on self-interest, and the world cannot revert to the law of the jungle where the strong prey on the weak," He said in a speech which came as US President Donald Trump pushes his increasingly assertive America First agenda, and demands NATO ally Denmark to cede Greenland to him.

"All countries have the right to protect their legitimate interests," He added.

In a veiled reference to Trump's mercurial trade policies, He slammed the "unilateral" actions and trade agreements of "some countries" which he said violates the rules of the World Trade Organization.

Beijing and Washington last year were locked in a blistering trade war that saw both countries impose tit-for-tat tariffs on each others' products.

"The current multilateral trading system is facing unprecedented and severe challenges," He said.

"We must firmly uphold multilateralism and promote the improvement of a more just and equitable international economic and trade order."