Saudi Riyal which has performed well in the past few days, now lost its value value against Pakistan's currency in the open market with a decrease of 35 paisas. The new rate of the Saudi Riyal is Rs74.74 in comparison to the closing rate on Saturday Rs75.09.

Today 1 SAR to PKR conversion rate is PKR 74.74 in the open market as Saudi Riyal to PKR buying and selling rates are different in interbank and currency exchange or open market rates. Saudi Riyal to Pakistani Rupee has been increased by Rs0.35 in the open trading.

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Saudi Arabia Announces Domestic Greenhouse Gas Credit Initiative

Saudi Arabia introduced a new initiative aimed at enabling companies to purchase credits that can offset their greenhouse gas emissions. This initiative aligns with Saudi Arabia's goal of achieving net-zero emissions by the year 2060.

Known as the Greenhouse Gas Crediting and Offsetting Mechanism (GCOM), this program is set to be launched in early 2024. Its primary objective is to enhance collaboration among national entities striving to meet their climate objectives by facilitating the mobilization of funds across various sectors for various projects and activities. This initiative was unveiled at the Middle East and North Africa (MENA) Climate Week, a conference organized by the United Nations and hosted in Riyadh, the capital of Saudi Arabia.

GCOM has been designed to adhere to Article 6 of the 2015 Paris Agreement, which permits countries to cooperate in achieving emissions reduction goals, including the transfer of carbon credits. While Saudi officials have described GCOM as a domestic mechanism, Maria AlJishi, an international policy adviser at the Saudi energy ministry, noted that it also has the potential for future international transfers if Saudi Arabia decides to engage in such arrangements.

Carbon credits have gained global popularity as valuable tools for companies looking to offset their carbon emissions and demonstrate their commitment to environmental sustainability.