Saudi Arabia has roped in HSBC to “identify and promote” sustainable investment opportunities. The agreement between the two was signed at the Future Investment Initiative conference in Riyadh where environmental, social, and governance (ESG) is a hot topic among global leaders and businessmen.
It covers identification and promotion of sustainable investments in the Kingdom for domestic and international investors; identification of sustainable investments overseas for leading Saudi companies; and supporting public and private sector entities in climate transition and the broad ESG agenda.
“I welcome today’s agreement, which is further proof that the Kingdom’s ambitions to become a global sustainable investment destination is on track,” Saudi Investment Minister Khalid Al-Falih said in a statement.
He added: “Through the vast network of a global player like HSBC we want to attract global private sector capital into the Kingdom, and realize the ambitions of Vision 2030, as they have been recently underpinned in the National Investment Strategy and the Saudi Green Initiative.”
The deal will see the creation of an “ecosystem of partners in the areas of sustainability and ESG,” the statement read.