The presence of a carbon trading platform in Saudi Arabia is in itself evidence of change, said the governor of the Saudi Public Investment Fund (PIF), Yasir Al Rumayyan, confirming that mega projects in the Kingdom like NEOM are depending on green sources for their energy needs.
Speaking at a regional forum on ESG organized by the Future Investment Initiative in London, Al Rumayyan stressed that PIF has a long-term strategy in the field of renewable energy.
He explained that PIF had acquired a large 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, PIF has a strategy to reduce carbon emissions.
Rania Nashar, head of compliance and governance on PIF, informed attendees at the forum that Saudi Arabia enjoys a promising and moderate market, noting that everyone should not ignore environmental, social and corporate governance (ESG) decisions, through supervision, investing in opportunities and addressing challenges.
Nashar stated that PIF is working with many investors to achieve carbon neutrality goals, as it cooperates with other investors and funds in plans worth more than trillions of dollars.
She affirmed support for all Saudi, regional and international initiatives, noting that PIF focuses on governance to achieve social and environmental responsibility.
Nashar added that PIF has an efficient team that cooperates with companies and has established a “platform for managing the governance system.”