According to Global SWFs Governance, Sustainability, and Resilience (GSR) rating, the Saudi Public Investment Fund (PIF) rated seventh globally and first in the Middle East among 100 sovereign wealth funds. The worldwide organization’s 44-page report included a special section titled ‘Champions in Sustainability: The Public Investment Fund’. In November 2022, the PIF became the first SWF in the Middle East, and one of the first internationally, to announce plans to attain net-zero emissions by 2050.
The report pointed out that two instances can illustrate the efforts of the Fund on future sustainability trends. The first one is electric vehicles (EV), one of the main targets for decarbonization and economic diversification, with the PIF’s 61% stake being valued at $8 billion.
Moreover, the SWF, late last year, also announced the launch of the Kingdom’s first electric vehicle brand, Ceer, in a joint venture with Hon Hai Precision Industry Company. The first Ceer models are scheduled to roll off the production line in 2025.
Furthermore, the PIF is required to develop 70% of Saudi Arabia’s renewable energy capacity by 2030. An illustration of the substantial progress that is being made towards this is the investment of over $6 billion in five solar power projects, with a cumulative capacity of approximately eight gigawatts.
The Head of Strategy Development and Innovation at PIF, Chad Richard, said the report reinforces the Fund’s status as one of the world’s leading impactful and responsible investors, with world-class governance and sustainable practices. PIF has led the way in supporting the clean energy transition globally.
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