The presence of a carbon trading platform in Saudi Arabia is in itself proof of change, Saudi Public Investment Fund (PIF) Governor Yasir Al Rumayyan said, confirming that megaprojects in the Kingdom like NEOM depend on green sources for their energy needs.
Speaking at a regional ESG forum organized by the Future Investment Initiative in London, Al Rumayyan stressed that the PIF has a long-term strategy in the area of renewable energy.
He explained that PIF had acquired a significant stake in ACWA Power as part of its long-term strategy, noting that PIF currently owns more than 44% of ACWA Power’s shares.
The Governor reaffirmed that in the Middle East and North Africa, the PIF has a strategy to reduce carbon emissions.
Rania Nashar, Head of Compliance and Governance at PIF, informed forum attendees that Saudi Arabia is enjoying a promising and moderate market, noting that not everyone should ignore environmental, social and corporate governance (ESG), through oversight, investing in opportunities and addressing challenges.
Nashar said the PIF is working with many investors to achieve carbon neutrality goals, as it cooperates with other investors and funds in plans worth more than a trillion dollars.
She affirmed her support for all Saudi, regional and international initiatives, noting that the PIF focuses on governance to achieve social and environmental accountability.
Nashar added that PIF has an effective team that cooperates with companies and has established a “governance system management platform”.