PIF eyes renewable energy localization, clean hydrogen production: Al-Rumayyan

Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF)

The Public Investment Fund (PIF) is committed to achieving net zero by 2050, in line with the Kingdom's goals to reach net zero by 2060, the Saudi Press Agency reported, citing Governor Yasir Al-Rumayyan.

He added that the PIF places renewable energy as one of the promising priority sectors within its investment strategy to achieve this goal.

The fund works to localize renewable energy industries and produce clean hydrogen, within its responsibility to develop 70% of the Kingdom's renewable energy generation capacity, Al-Rumayyan said.

Further, the PIF continues its efforts to support sustainability through several projects and initiatives, including its issuance of the Green Finance Framework, especially since it is the first sovereign wealth fund to issue green bonds in general, and the first to issue green bonds for a period of 100 years.

The fund is cooperating with the International Working Group of Sovereign Wealth Funds (IFSWF) to build a comprehensive and sustainable investment approach that ensures participation in reaching net zero, according to the Governor.

This statement came during the 7th Annual One Planet Sovereign Wealth Funds CEO Summit, organized by the PIF in Riyadh today, in the presence of French President Emmanuel Macron, and the participation of over 100 CEOs, IFSWF members, asset managers, and private equity fund leaders.