The French company “ENGIE”, which specializes in providing low-carbon energy services and integrated facilities management solutions, signed a memorandum of understanding with the Public Investment Fund to develop green hydrogen projects and its derivatives in the Kingdom, with the aim of exploring opportunities that contribute to enhancing the transformation process in the energy sector in line with the objectives of the vision. Kingdom 2030.
The memorandum of understanding will allow ENGIE to work closely with the Public Investment Fund in enhancing its competitiveness at the global level, which will contribute to transforming the Kingdom into one of the largest green hydrogen exporters in the world.
The Public Investment Fund and Engie will assess the feasibility of partnership opportunities and formulate a joint strategy to determine the best ways to enter the international market and secure export arrangements for the beneficiaries.
The Public Investment Fund, which manages more than $600 billion in assets, plans to invest more than $10 billion in green projects by 2026, including renewable energy, clean transportation and sustainable water management.
Saudi Arabia plans to reach net zero emissions by 2060, also by developing carbon capture and storage centers, and may advance the target date if technology allows.