Mumtalakat Launches Carbon Offsetting Platform "Safa"

MANAMA, Bahrain, Dec. 1, 2023 /PRNewswire/ -- Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of the Kingdom of Bahrain, announced today the launch of its voluntary carbon offsetting platform, Safa, helping businesses and individuals better understand and manage their carbon footprint by contributing to exemplary climate initiatives. This coincides with the Kingdom of Bahrain's participation at COP28, currently being held in the United Arab Emirates.

Commenting on the occasion, His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, said, "Emphasising our commitment to sustainability across various fields, we firmly believe that true transformation occurs when we all come together to create a collective impact. With Safa, individuals and businesses have the ability to decrease their carbon footprint and actively participate in creating a more environmentally friendly future, supporting the Kingdom of Bahrain's goal of reaching net zero emissions by 2060." 

Safa's offsetting service is not an alternative to decarbonization efforts; rather, by building awareness, educating communities, and empowering action at the individual and corporate levels, Safa aims to complement critical decarbonization initiatives by providing a user-friendly offsetting function for hard-to-abate emissions from activities like travel, accommodation, and logistics. It also aims to bring this service to users' fingertips by integrating directly into their favorite everyday apps.

The newly introduced user-friendly platform is a testament to the Kingdom's utilisation of technology and innovation as key enablers of a faster, more affordable and more effective transition to net zero by 2060. The platform is accessible to all individuals and businesses to facilitate the transaction of high-quality and globally certified carbon credits, allowing them to calculate and offset their carbon emissions. These credits are allocated to international environmental projects aimed at the reduction or elimination of greenhouse gas emissions, with the aim of expanding to include local and regional projects in the near future.

To facilitate climate action for all, Safa has formed a partnership with CHOOOSE™️, a climate tech company, that delivers the leading Software-as-a-Service (SaaS) platform, enabling its partners to offer carbon emissions information and seamless access to trusted climate solutions.

About Mumtalakat:Mumtalakat is the sovereign wealth fund of the Kingdom of Bahrain. With a mandate to grow the wealth of Bahrain through long-term investments based on sound financial, strategic and governance principles, Mumtalakat holds stakes in over 50 commercial enterprises with a portfolio spanning a variety of sectors, including industrial manufacturing, financial services, telecommunications, real estate, logistics, consumer products, healthcare and education.

Further details on Mumtalakat can be found at www.mumtalakat.bh