The Ministry of Investment of the Kingdom of Saudi Arabia has signed a Memorandum of Understanding with HSBC Group to identify and promote sustainable investment opportunities for the Kingdom. The memorandum of understanding, which was signed during the Future Investment Initiative in Riyadh, covers identifying and promoting sustainable investments in the Kingdom for local and international investors, as well as identifying sustainable investment opportunities for leading Saudi companies abroad, and supporting public and private sector institutions in their transition to a zero-emissions business model. carbon emissions and the achievement of environmental, social and institutional governance standards on a larger scale.
Saudi Minister of Investment, Eng. Khalid Al-Falih, said: I welcome the agreement, which is further evidence that the Kingdom’s ambitions to become a global destination for sustainable investment are on the right track. This agreement builds on the long-standing historical relationship between the Kingdom and HSBC, and will help us unlock the huge opportunities for green investment in Saudi Arabia. Through the wide global reach of an important global bank such as HSBC, we seek to attract global private sector capital to the Kingdom, and achieve the ambitions of Vision 2030, recently embodied through the National Investment Strategy and the Saudi Green Initiative.
Noel Quinn, Group CEO of HSBC, said: “The bank is committed to helping lead the transition to a net-zero global economy, and this MoU is another important step in achieving that goal. This cooperation will see us promote sustainable investment opportunities and investment initiatives in the Kingdom to our clients, as well as support leading Saudi companies to access opportunities with global investors and strategic and financial experts, especially Asian investors.
The memorandum of understanding, which will enter into force immediately, will create an interactive system of partners in the areas of sustainability, environmental, social and institutional governance that will exchange information and ideas on sustainable investment issues and environmental, social and institutional governance standards, in line with relevant regulatory requirements, and investment opportunities. potential in the Kingdom.
HSBC globally prioritizes the financing and investment that support the transition to a carbon-neutral global economy. The Bank has also committed to aligning the carbon emissions of the projects financed by it, i.e. the carbon emissions of its clients’ portfolio, with the goals of the Paris Agreement to achieve net zero carbon emissions by 2050 or earlier. To support customers in their transition to low-carbon business models, HSBC aims to provide up to $1 trillion in global financing and investment facilities by 2030. The bank also aims to achieve a net zero carbon target for its operations and networks. its supply by 2030.
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