Saudi Arabia’s Public Investment Fund (PIF) organized the seventh annual summit for the One Planet Sovereign Wealth Funds (OPSWF) Group in Riyadh on Tuesday.
French President Emmanuel Macron, PIF Governor Yasir Al-Rumayyan, and over 100 CEOs, members of OPSWF, asset managers, and private equity fund representatives attended the event.
The summit coincided with Saudi Arabia's hosting of the 16th Conference of the Parties to the Conference of the Parties (COP16) of the United Nations Convention to Combat Desertification, the Saudi Green Initiative, and the One Water Summit.
Tuesday’s discussions focused on the pivotal role of sovereign wealth funds as global investors in addressing climate challenges, creating value through opportunity-driven investments, and financing current and future climate solutions to drive economic transformation and sustainable development.
Other issues included expanding investments in renewable energy, supporting green financing in hard-to-abate sectors, utilizing artificial intelligence to enhance emission reduction strategies, and advancing green building standards.
Key action tracks were identified to enhance investment decision-making for climate action, boost efficiency and impact within the global financial system, and address crucial areas, such as climate-related data, enabling technologies like AI, transition finance, clean hydrogen, greening real estate, and renewables in emerging markets and developing economies.
"PIF is committed to net zero by 2050, contributing to Saudi Arabia's aim of net zero by 2060. Renewables is one of PIF's strategic sectors, and PIF is working toward the localization of renewable energy and hydrogen production to achieve its target of developing 70% of the nation's renewable energy capacity," he added.
He stressed PIF's ongoing efforts to support sustainability through various projects and initiatives, including the issuance of its Green Finance Framework, the first sovereign wealth fund to issue a green bond, and the first to issue a 100-year green bond.
PIF and OPSWF Network members are building a sustainable and inclusive investment approach to ensure inclusivity for all in the transition to net zero, he noted.
