The 7th annual summit of the One Planet Sovereign Wealth Funds Working Group (OPSWF), held in Riyadh on Tuesday, outlined key pathways to enhance climate-aligned investment decisions and improve efficiency and impact within the global financial system.
Discussions focused on climate-relevant data, artificial intelligence, enabling technologies, transformative financing, clean hydrogen, green buildings, and renewable energy in emerging markets and developing economies.
Hosted by Saudi Arabia’s Public Investment Fund (PIF), the summit featured French President Emmanuel Macron, PIF Governor Yasir Al-Rumayyan, and over 100 CEOs, members of the OPSWF, and private equity and asset managers.
The meeting coincided with Saudi Arabia hosting major climate-related events, including the UNCCD COP16 (United Nations Convention to Combat Desertification), the Saudi Green Initiative Forum, and the One Water Summit, all taking place this December.
Discussions at the summit emphasized the vital role of sovereign wealth funds as global investment entities in addressing climate challenges, driving economic transformation, and achieving sustainable development. The participants explored opportunities to scale investments in renewable energy, expand green financing for hard-to-abate sectors, utilize AI for emissions reduction, and advance green building standards.
Yasir Al-Rumayyan highlighted the Saudi sovereign wealth fund’s commitment to integrating climate action into all its investment decisions. He reaffirmed PIF’s pledge to achieve net-zero emissions by 2050, aligning with Saudi Arabia’s broader goals. Renewable energy remains a top priority for PIF’s investment strategy to achieve this target, he emphasized.
He also noted PIF’s efforts to localize renewable energy industries and produce clean hydrogen, with the fund responsible for developing 70% of Saudi Arabia’s renewable energy capacity.
Al-Rumayyan also said that PIF continues to collaborate with the OPSWF to develop a comprehensive and inclusive investment approach to achieving net-zero emissions.
