The 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 for the electric car industry.
The fund’s governor, Yasser Al-Rumayyan, confirmed, during his speech at the activities of the second day of the Saudi Green Initiative Forum, yesterday, Saturday, that the plans to manufacture electric cars are part of Saudi Arabia’s contribution to reducing carbon emissions.
Al-Rumayyan stressed the Fund's role in developing green transformation plans in the Kingdom, in light of the Fund's contributions 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."
And he indicated that Saudi Arabia aims to generate 50% of electricity through renewable energy by 2030, and the role of the Public Investment Fund in that plan is to develop 70% of these renewable sources.
And he indicated that the green transformation plans in Saudi Arabia 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 “Sir” 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 company "Foxconn", which specializes in technology.
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