RIYADH: Three renewable energy projects are set to be developed in Saudi Arabia with the involvement of French companies, according to Minister of Investment 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’s growing efforts to lead the global transition toward sustainable energy.
“I don’t know if the news is out, but I’ll 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,” Al-Falih said during the Saudi Green Initiative Forum held in Riyadh at COP16.
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 Saudi Arabia’s vision for sustainable development.
“Globally, I think the world today is really moving toward financing, investing, and supporting sustainability and energy and materials,” he said, emphasizing key areas such as water management and combating desertification.
According to Al-Falih, trillions of dollars in annual investments are required globally to address these challenges.
The minister remarked that the amount of capital across the world available for sustainable investments is vast and growing rapidly.
“We 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 to me is it is projected to grow by a factor of seven of the $3 trillion by 2033, eight years. So the funds are there,” he said.
He added that governments must play a key role in making investments attractive by de-risking them for private capital.
“It needs to go to a place where there is demand, and demand is key,” he explained. “It needs governments and systems that (investors) can trust and that has all of the elements of stability, predictability. And we believe Saudi Arabia is that place for them to look at,” he said.
The Kingdom is positioning itself as a global hub for green investment, backed by robust demand, investor trust, and stable governance.
“The 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 — Green Saudi, Green Middle East,” Al-Falih said, adding that the country provides a stable environment for investors by managing risks and offering predictable opportunities.
Al-Falih also pointed to Saudi Arabia’s advances in renewable energy production, particularly wind and solar power, describing these sectors as a “win, win, win” for the nation.
“The 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,” he said, explaining that these projects not only boost sustainability but also create economic opportunities.
“This 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.”
In addition to renewable energy, Al-Falih highlighted the Kingdom’s rapid growth in venture capital and its efforts to foster a startup ecosystem.
He also underlined that Saudi Arabia has risen to become the leading venture capital market in the Middle East, with VC growing “by a factor of 21 over the last few years.”
The government has supported this growth through initiatives such as Biban, LEAP, and the Garage, a flagship incubator inspired by France’s STATION F.
“We are awarding thousands of premium residencies to all of these entrepreneurs because we want them to feel at home,” he added.
“The system of venturing and startups is not only linked to Saudi companies. I think what’s 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’re licensing them at MISA (Ministry of Investment).”
Al-Falih also underscored the Kingdom’s commitment to driving global green investment, envisioning Saudi Arabia as the primary hub for sustainable finance.
“We 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 Saudi Arabia. And those funds will naturally flow to where the hub is, where the center of gravity is going to be,” he said.
