Riyadh: The Kingdom of Saudi Arabia’s Saudi Public Investment Fund announced that the Kingdom aims to produce 328,000 electric cars annually, 10 days after the launch of the first Saudi brand to manufacture electric cars, local media reported.
The fund’s governor, Yasser Al-Rumayyan, stressed, during his speech on the second day of the Green Saudi Initiative forum, on Saturday, that the plans for the electric car industry are part of Saudi Arabia’s contribution to reducing carbon emissions.
Al-Rumayyan stressed the role of the fund in the plans to develop the green transformation in the Kingdom, in light of the contributions made by the fund to the development of renewable energy sources.
He said, “During the past month, and within the framework of the voluntary carbon trading market initiative, the largest auction of carbon offset credits was held in the world, and 1.4 billion tons of carbon offset credit documents were sold to 15 Saudi and regional entities.”
Al-Rumayyan indicated that Saudi Arabia aims to generate 50 per cent of electricity through renewable energy by 2030, and the role of the Public Investment Fund in that plan is to develop 70 per cent of these renewable sources.
He indicated that Saudi Arabia’s green transformation plans aim to reach zero carbon emissions by 2050.
On November 3, the Saudi Crown Prince and Prime Minister, Prince Muhammad bin Salman, announced the launch of the “Ceer” company, as the first local brand for the electric car industry.
This project represents a partnership between the Saudi Public Investment Fund and the Taiwanese technology company “Foxconn.”
