Governor of the Saudi Public Investment Fund Yasir al-Rumayyan said the Kingdom seeks to develop a sustainable economy that can thrive 100 years from now.
He underscored Saudi Arabia’s commitment to global climate action and efforts to develop renewable energies.
Rumayyan made the remarks during the opening session of the second day of the second edition of the Saudi Green Initiative Forum, which kicked off its activities on Friday in the Red Sea resort of Sharm El-Sheikh.
He affirmed that the Kingdom is turning national ambitions into real actions, including reaching net zero emissions by 2026.
The official pointed to launching the Voluntary Carbon Market initiative, which is considered the first of its kind in the Middle East and North Africa region.
Regarding PIF’s role in this transformation, Rumayyan said it is responsible for developing 70% of the renewable energy, noting that about 1.4 million tons of carbon credits have been sold so far.
Rumayyan said that last week, Crown Prince Mohammed bin Salman launched “Ceer,” the first Saudi electric car brand.
“PIF is also a major investor in Lucid, who are building their first factory outside the United States in Saudi Arabia.”
“With these electric vehicles investments, we plan to build 328,000 electric cars per year,” he added.
He further pointed out that the PIF is committed in its projects to international climate commitments, whether through Saudi Aramco or other companies.
He underlined STC’s recent pilot project, which aims to install solar networks across 17 sites.
Rumayyan also spoke about the new environmental governance measure developed by the Kingdom and announced during the activities of the “Future Investment Initiative” in late October.
He further announced Aramco’s launching of ARCHIE soon to reformulate the concepts of emissions across the worold.
He said ARCHIE is a new tool that draws on information from 9,000 oil fields and 500refineries across more than 90 countries.
It delivers a much higher level of transparency about oil supply chain emissions that will enable investors and policymakers to make more informed decisions.
