The Suez Canal will be a “green canal” by 2030, Suez Canal Authority (SCA) Chairman Osama Rabie said during a meeting with International Maritime Organization Secretary-General Kitack Lim on Thursday, according to a statement. The SCA intends to power 16 monitoring stations using new and renewable energy and convert its fleet to operate on natural gas instead of gasoline and diesel, Rabie said.

KSA’s RVCMC to hold world’s largest voluntary carbon credit auction next week: The Regional Voluntary Carbon Market Company (RVCMC) — established by Saudi Arabia’s sovereign wealth fund the Public Investment Fund and the Saudi Tadawul Group — will hold the world’s largest voluntary carbon credit auction on Wednesday, 14 June in Nairobi, CNN reported last week. The auction will offer over 2 mn tons of carbon credits to over 15 companies from various countries, including Saudi Arabia. Nairobi was selected to host the auction to signal the importance of bringing investments to emerging economies, according to the news outlet.

The company is beating its own record from last year: RVCMC launched its first auction last year — held in parallel to the company’s launch — for the sale of 1.4 mn tons of carbon credits, which at the time was billed as the world’s largest credit auction.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• APM Terminals Bahrain, the operator of Khalifa bin Salman Port, will select a contractor for its USD 10 mn solar power plant at the port next month. (TradeArabia)
• UAE’s Adnoc has signed agreements with over 60 local and global companies to localize critical non-oil products manufacturing and ramp up decarbonization efforts. (Wam)
• Azerbaijan has discussed new investment opportunities with the UAE’s Adnoc and renewable energy giant Masdar. (Tweet)
• Egypt is in talks with multilateral lender New Development Bank to provide concessional loans to fund developmental projects in energy, transportation and green transition. (Finance Ministry Statement)
• Neom’s water management and utility company Enowa has begun building conversion stations for the 3 GW transmission system connecting the Oxagon to KSA’s port city of Yanbu. (Asharq Business)
• Algeria’s Sonatrach and Brazil’s power manufacturing giant WEG have signed an MoU to expand collaboration in energy and mining, focusing on wind power. (Statement)
• Abu Dhabi’s police, in partnership with Adnoc Distribution, have opened two new avenues for electric vehicle inspection in the emirate. (Wam)
• Several private and public institutions took part in the Saudi-Japanese minerals and mining workshop in Tokyo. (SPA)