Saudi Arabia eyes new prospects through government-private sector cooperation: Al Rumayyan

Governor of the Public Investment Fund (PIF) and Chairman of Saudi Aramco, Yasir Al Rumayyan

Governor of the Public Investment Fund (PIF) and Chairman of Saudi Aramco, Yasir Al Rumayyan, said the Middle East Green Initiative (MGI) is a turning point in the environmental efforts, which aim to transition national ambitions into practical steps that affect the entire world. Al Rumayyan underlined the great efforts being made by the Kingdom to build a green future, as part of its ambitions for carbon neutrality by 2060.

The Voluntary Carbon Market (VCM) Initiative was the first of its kind in the MENA region, Al Rumayyan added during the Saudi Green Initiative Forum on the sidelines of the COP27 climate summit in Sharm El Sheikh. The world’s largest-ever carbon credit auction took place last month, when 1.4 million tons of carbon credits were sold to 15 Saudi and regional entities. The PIF was also the first sovereign wealth fund to issue a 100-year tranche green bond, Al Rumayyan added.

The success of this issue reflects investor confidence in Saudi Arabia and the PIF, as well as the Kingdom’s ability to establish a sustainable economy for the next 100 years.

No entity can achieve these goals alone, the PIF Governor said, stressing the significance of cooperation between the governments and private sector to drive innovation.

“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,” Al Rumayyan added.

“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,” he concluded.