Kuwait Investment Authority Approves of Saudi’s Green Agenda
Posted on 10/26/2021
The Kuwait Investment Authority (KIA), which manages two sovereign wealth funds including Future Generations Fund, plans to invest in green initiatives unveiled by Saudi Arabia.
“All these initiatives are very important to the KIA, and we will be investing in those initiatives as long as at the end, it will be for the environment and benefit of the people,” of future generations, Ghanem Al-Ghunaiman, managing director of Kuwait’s sovereign fund, said Tuesday at Saudi Arabia’s Future Investment Initiative conference.
“These initiatives are not an easy task, it’s going to take years and years to do, but at least let’s start, and put all our forces together and then we can reach our goals in the future,” Al-Ghunaiman said.
Saudi Arabia plans to create a fund to improve carbon sequestration. The Kingdom is also supporting measures to feed hundreds of millions of people by providing them clean cooking fuels. The two initiatives will cost 39 billion riyals and Saudi Arabia will contribute 15%. In addition, the Saudi government plans to back sustainable fishing and develop cloud seeding, a form of geoengineering.
The Kuwait Investment Authority is a founding member of the One Planet Sovereign Wealth Fund Working Group established in Paris in 2017.