“When governments and private sector work together, we can journey further”
HE Yasir Al Rumayyan, Governor of the Public Investment Fund (PIF) & Chairman of Saudi Aramco
Sharm El Sheikh, Egypt, 12 November 2022: The galvanizing power of the Saudi Green Initiative (SGI), Saudi Arabia’s commitment to a green future, and the importance of a data-driven approach were amongst the topics covered by HE Yasir Al Rumayyan, Governor of the Public Investment Fund (PIF) & Chairman of Saudi Aramco during a speech at the SGI Forum.
During the forum, being held on the sidelines of COP27 in Sharm El Sheikh, HE Al Rumayyan described SGI as a “turning point in green efforts” that is “turning national ambitions into real actions that impact the world”.
HE Al Rumayyan expanded on the work that the Kingdom is doing to achieve a green future, anchored around the country’s ambition to reach net-zero emissions by 2060.
Commenting on recent green financing innovations initiated by PIF, HE Al Rumayyan said: “Just last month our Voluntary Carbon Market Initiative, the first of its kind in the MENA region, saw the largest carbon credit auction in the world. Where 1.4 million tons of carbon credit offset certificates were sold to 15 Saudi and regional entities, and we issued the first ever green bond by a sovereign wealth fund. Which is also the first century green bond in history.”
The success of these green bonds demonstrates investors’ confidence in the Saudi Arabia and PIF, and in the country’s ability to develop a sustainable economy that will be thriving 100 years from now.
Last week His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister launched Saudi Arabia’s first electric car brand - PIF is a major investor in Lucid and has a target to build 328,000 EV cars a year. PIF is also developing 70% of KSA's 2030 renewable energy capacity target.
But no one entity can do this alone, and throughout his speech HE Al Rumayyan emphasized the importance of government and private sector collaboration to drive innovation and unlock potential.
HE Al Rumayyan concluded: “I hope you are as inspired as I am about investing and partnering in the green transition. I see a world in which we can seek both economic growth and environmental stewardship. Here the Saudi Green Initiative is creating a whole of society movement where we will pursue these goals, and if we act in a spirit of partnership, we will arrive at where we need to be. In Saudi Arabia, the Middle East and around the world.”