20250904 Pif Ar24 Public English Interactive Pdf · Page 45

Driving Sustainability Across PIF  
Portfolio Companies
As of 2024, approximately 2% of PIF’s assets 
under management (AuM) are directly invested 
in the development of climate solutions through 
companies such as Lucid Motors, Tarshid, 
Badeel, Ceer Motors, Skyborn Renewables, SIRC, 
MEPCO, EV Infrastructure Co. and the Regional 
Voluntary Carbon Market. An additional 21% 
of AuM is allocated to climate enablers that 
support emissions reduction or contribute to 
climate-related innovations, including ACWA 
Power, TAQA, TAQNIA, Saudi Tabreed, Tasaru 
and giga-projects. 
Across the broader portfolio, 94 PIF portfolio 
companies actively support one or more of the 
17 UN Sustainable Development Goals, while 
exciting progress was made in 2024 to enhance 
sustainability and drive impact. 
PIF launched the Electric 360 partnership with 
Formula E, Extreme E and E1, promoting electric 
motorsports and accelerating the adoption 
Red Sea Global (RSG) continues to lead in 
environmental stewardship with the development 
of the Natural Capital Accounting Tool, an 
innovative framework that integrates ecosystem 
service valuations into project decision-making 
to align with long-term sustainability goals. 
The company is also advancing hydrogen and 
electric vehicle solutions, exploring zero-emission 
transport alternatives including electric vertical 
take-off and landing vehicles and hydrogen-
powered seaplanes in partnership with ZeroAvia. 
Its subsidiary, Fly Red Sea, operates four seaplanes 
powered by sustainable aviation fuel. To further 
expand clean mobility, RSG plans to deploy 
more than 400 electric vehicles at The Red Sea 
and a similar number at AMAALA, supported by 
a renewable energy-powered charging network. 
Sustainability remains a key focus across real 
estate developments, with a commitment to 
securing LEED or Mostadam certification for at 
least 75% of its projects. 
NEOM continues to advance large-scale 
sustainability initiatives, including coral 
restoration efforts through the KAUST Coral 
Restoration initiative, which established a nursery 
capable of producing 40,000 corals annually. A 
second, larger facility is under development, with 
the capacity to nurture 400,000 corals, marking a 
significant step in marine ecosystem preservation. 
NEOM also launched its food company, Topian, 
which aims to transform food production 
through sustainable agriculture, regenerative 
aquaculture, novel foods, personalized nutrition 
and innovative food supply solutions.
NEOM Green Hydrogen Company (NGHC), a joint 
venture between ACWA Power, Air Products 
and NEOM, is constructing the world’s largest 
commercial-scale green hydrogen production 
facility in Oxagon. Currently 60% complete, the 
plant will operate entirely on solar and wind 
energy to power a 2.2 GW electrolyzer. Once 
of electric mobility solutions. The Voluntary 
Carbon Market (VCM) introduced its new carbon 
credit exchange platform in Baku during COP29, 
alongside its third voluntary carbon credit auction. 
The inaugural auction featured over 2.5 million 
high-quality carbon credits, with participation 
from 22 Saudi and international companies. PIF 
also participated in the auction, purchasing high-
integrity credits to offset its corporate carbon 
footprint while supporting mangrove restoration, 
afforestation, renewable energy projects and 
landfill emissions reduction. Since 2022, PIF has 
completed three auctions, selling more than 6.1 
million carbon credi