ACWA Power: Leading the charge in sustainable energy in accordance with Saudi Vision 2030

 

ACWA Power aligning closely with Saudi Vision 2030

ACWA Power, a prominent player in the energy sector, has emerged as a symbol of Environmental, Social, and Governance (ESG) principles, aligning closely with Saudi Arabia's Vision 2030. This alignment signifies a decisive move away from oil dependency toward a more sustainable and diversified economic model. ACWA Power's dedication to ESG considerations not only forms the cornerstone of its business ethos but also mirrors its innovative approach to sustainable energy solutions.

Alignment with Saudi Vision 2030

Saudi Vision 2030 is a strategic framework aimed at diminishing Saudi Arabia's reliance on oil and broadening its revenue sources. Key to this vision is fostering private sector involvement in the economy and placing a significant emphasis on enhancing competitiveness. ACWA Power not only embraces this vision but also leads initiatives to advance the boundaries of sustainable energy transition.

 

ACWA Power signs agreements with Chinese companies in renewable energies

 

Saudi Arabia's Renewable Energy Advancements

In its pursuit of achieving net zero emissions by 2060, Saudi Arabia has witnessed a remarkable increase in its renewable energy capacity, soaring from 700 megawatts to 2 gigawatts in just two years. The kingdom presently oversees more than 8 gigawatts of renewable projects under construction, with an additional 13 gigawatts in various stages of development. These endeavors aim to curtail carbon emissions by 278 million tons annually by 2030, with an additional 20 gigawatts slated for tendering by 2024.

 

NEOM's Green Hydrogen Project enters execution phase

 

ACWA Power's Strategic Initiatives

Abdulhameed Al Muhaidib, ACWA Power's Chief Financial Officer, voiced pride in the company's innovative financial structures, particularly in the realm of green and sustainable energy solutions. The recent accolades received underscore investor confidence in ACWA Power's business model and financial stability. The broad investor base for their Sukuk program, encompassing commercial banks, insurance firms, mutual funds, and more, serves as a testament to this trust. Al Muhaidib also extended gratitude to investors and stakeholders for their unwavering support, signalling a solid footing for the company's future ventures in sustainable energy.

Source: https://bnnbreaking.com/