Saudi Arabia plans to deploy 50% of its investments into renewable and sustainable power sources.
The Kingdom will issue a green sukuk soon, the governor of the Public Investment Fund and Saudi Aramco chairman said.
Saudi Arabia is Opec’s largest producer and accounts for 12.5% of all oil production, according to the BP Statistical Review of World Energy 2021.
Under its Vision 2030 initiative, the Kingdom is taking measures to diversify its economy away from hydrocarbons and decarbonise its utility systems. The country plans to generate up to 50% of its electricity from clean sources.