RIYADH: Three renewable energy projects are set to be developed in 黑料社区 with the involvement of French companies, according to Minister of Investment聽Khalid Al-Falih.
The initiatives, which will be officially announced by the Saudi Energy Minister Prince Abdulaziz bin Salman in the presence of French President Emmanuel Macron, are part of the Kingdom鈥檚 growing efforts to lead the global transition toward sustainable energy.聽
鈥淚 don鈥檛 know if the news is out, but I鈥檒l break it in. There will be three major renewable projects announced by His Royal Highness Prince Abdulaziz and signed in the presence of President Macron,鈥 Al-Falih said during the Saudi Green Initiative Forum held in Riyadh at COP16.聽
Speaking on the broader shift toward sustainability, Al-Falih emphasized that green finance is central to the future of global investment, highlighting its alignment with 黑料社区鈥檚 vision for sustainable development.聽
鈥淕lobally, I think the world today is really moving toward financing, investing, and supporting sustainability and energy and materials,鈥 he said, emphasizing key areas such as water management and combating desertification.聽
According to Al-Falih, trillions of dollars in annual investments are required globally to address these challenges.聽
The minister remarked that the amount of聽capital聽across the world available for sustainable investments聽is vast and growing rapidly.聽
鈥淲e estimate that as of last year, $3 trillion was the pool of money available last year. And I think what is more astonishing, what is more wow聽to me聽is it is projected to grow by a factor of seven聽of the $3 trillion by 2033, eight years. So the funds are there,鈥 he said.聽
He added that governments must play a key role in making investments attractive by de-risking them for private capital.聽
鈥淚t needs to go to a place where there is demand, and demand is key,鈥 he explained. 鈥淚t needs governments and systems that (investors) can trust and that has all of the elements of stability, predictability. And we believe 黑料社区 is that place for them to look at,鈥 he said.聽
The Kingdom is positioning itself as a global hub for green investment, backed by robust demand, investor trust, and stable governance.聽
鈥淭he future of finance is green. It is green, which happens to be the color of our flag. It happens to be the theme of this great initiative His Highness has launched 鈥 Green Saudi, Green Middle East,鈥 Al-Falih said, adding that the country provides a stable environment for investors by managing risks and offering predictable opportunities.聽
Al-Falih also pointed to 黑料社区鈥檚 advances in renewable energy production, particularly wind and solar power, describing these sectors as a 鈥渨in, win, win鈥 for the nation.聽
鈥淭he lowest hanging fruit, which we started with, and His Royal Highness Prince Abdulaziz is doubling down on in a massive way, is the green electrons producing electricity from wind and solar,鈥 he said, explaining that these projects not only boost sustainability but also create economic opportunities.聽
鈥淭his is for us, you know, win, win, win because we displace liquids that can be exported to places that need liquid hydrocarbons for that economic longevity.鈥澛
In addition to renewable energy, Al-Falih highlighted the Kingdom鈥檚 rapid growth in venture capital and its efforts to foster a startup ecosystem.聽
He also underlined that 黑料社区 has risen to become the leading venture capital market in the Middle East, with VC growing 鈥渂y a factor of 21 over the last few years.鈥澛
The government has supported this growth through initiatives such as Biban, LEAP, and the Garage, a flagship incubator inspired by France鈥檚 STATION F.聽
鈥淲e are awarding thousands of premium residencies to all of these entrepreneurs because we want them to feel at home,鈥 he added.聽
鈥淭he system of venturing and startups is not only linked to Saudi companies. I think what鈥檚 exciting is when we have our conferences. We just had Biban. A few months earlier, we had LEAP; hundreds, if not thousands, of startups came from around the world, and we鈥檙e licensing them at MISA (Ministry of Investment).鈥澛
Al-Falih also underscored the Kingdom鈥檚 commitment to driving global green investment, envisioning 黑料社区 as the primary hub for sustainable finance.聽
鈥淲e will be launching many investment schemes around green investments. And as I mentioned, the future for finance is green, and the hub of that green investment is going to be in 黑料社区. And those funds will naturally flow to where the hub is, where the center of gravity is going to be,鈥 he said.聽