PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh

PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh
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PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh

PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh

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.



China's Iran Oil Imports Surge in June on Rising Shipments, Teapot Demand

FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
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China's Iran Oil Imports Surge in June on Rising Shipments, Teapot Demand

FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS

China's Iranian oil imports surged in June as shipments accelerated before the recent conflict in the region and demand from independent refineries improved, analysts said.

The world's top oil importer and biggest buyer of Iranian crude brought in more than 1.8 million barrels per day (bpd) from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.

Kpler's data put the month-to-date average of China's Iranian oil and condensate imports at 1.46 million bpd as of June 27, up from one million bpd in May.

The rising imports are fueled in part by the accelerated discharge of high volumes of Iranian oil on the water after export loadings from Iran reached a multi-year high of 1.83 million bpd in May, Kpler data showed.

It typically takes at least one month for Iranian oil to reach Chinese ports, Reuters reported.

Robust loadings in May and early June mean China's Iran imports are poised to remain elevated, Kpler and Vortexa analysts said.

Independent Chinese "teapot" refineries, the main buyers of Iranian oil, also showed strong demand for the discount barrels as their stockpiles depleted, said Xu Muyu, Kpler's senior analyst.

A possible relaxing of US President Donald Trump's policy on Iranian oil sanctions could further bolster Chinese buying, she added.

Trump said on Wednesday that Washington has not given up its maximum pressure campaign on Iran - including restrictions on Iranian oil sales - but signaled a potential easing in enforcement to help the country rebuild.

For this week, Iranian Light crude oil was being traded at around $2 a barrel below ICE Brent for end-July to early-August deliveries, two traders familiar with the matter said, compared to discounts of $3.30-$3.50 a barrel previously for July deliveries.

Narrower discounts were spurred by worries that oil flows could be disrupted through the Strait of Hormuz, a critical waterway between Iran and Oman, traders said.

Market fears for a closure of the chokepoint had escalated after last weekend's US attack on Iranian nuclear sites but eased after Iran and Israel on Tuesday signaled a ceasefire.

Tighter discounts for Iranian oil come amid a retreat in futures prices. ICE Brent crude futures hovered at $68 per barrel on Friday, their level before the Israel-Iran conflict began and down 19% from Monday's five-month peak.