The Saudi Public Investment Fund aims to succeed in network 0 until 2050, with plans to finance projects that transition green.
The leaders of the Riyadh-based sovereign wealth fund will also inspire innovation to reach their goal, said a press release from the country’s official news agency, the Saudi Press Agency.
The resolution announced Monday by Mohammed bin Salman bin Abdulaziz, crown prince and prime minister, at this year’s Middle East Green Initiative Summit.
The PIF has $620 billion in assets, according to sovereign wealth fund knowledge firm Global SWF.
The PIF will become the first sovereign wealth fund in the Middle East and one of the first wealth budgets in the world to announce its goal of succeeding at net 0 by 2050, he added.
Also at the summit, which takes place with the 2022 United Nations Climate Change Conference, known as COP27, leaders also reaffirmed their commitment to the goals of the Middle East Green Initiative and discussed the progress made since the summit was unveiled last year.
In a keynote address, the crown prince said: “If we want to achieve the desired goals of the ambitious Green Initiative in the Middle East, continued regional cooperation and active contributions from member countries are needed to achieve global climate goals and increase implementation commitments under foreign countries. “agreements. “
Saudi Arabia will also allocate $2. 5 billion to projects and governance similar to the Middle East Green Initiative, and identify and host a secretariat committed to the Middle East Green Initiative, according to the statement.
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