STATEMENT: FII announces the results of the largest sale of carbon credits in history

RIYADH, Saudi Arabia, Oct.

STATEMENT: FII announces the results of the largest sale of carbon credits in history

RIYADH, Saudi Arabia, Oct. 27, 2022 /PRNewswire/ -- The second day of the sixth edition of the Future Investment Initiative (FII) saw the successful auction of the largest carbon credit sale in history, major announcements, the signing of key agreements and stimulating debates on a variety of current issues.

The day opened with a discussion between FII Institute Executive Director Richard Attias and Trian Fund Management Founding Partner Nelson Peltz on how to ensure long-term success during ongoing global changes. The conversation was followed by a plenary discussion entitled "The pulse of global macrofinance" where HE Mohammed Al Jadaan, Minister of Finance of Saudi Arabia; I KNOW. Shaikh Salman bin Khalifa Al-Khalifa, Minister of Finance and National Economy of Bahrain; and. Steven Mnuchin, managing partner at Liberty Strategic Capital, shared their thoughts on how globalization is impacting global markets.

The Saudi Public Investment Fund (PIF) and the Tadawul Group announced the results of the VCM carbon market to accelerate the transition to a carbon-neutral future, which is an integral part of Saudi Arabia's efforts to achieve net-zero goals by 2060. Fifteen Saudi and regional entities participated in the largest sale of carbon credits in history, with companies including Aramco, Olayan Financing Company and the Saudi Arabian Mining Company buying credits. In addition, PIF announced that it will establish five companies to invest in the Kingdom of Bahrain, the Republic of Iraq, the Hashemite Kingdom of Jordan, the Sultanate of Oman and the Republic of Sudan. The five companies aim to invest up to a total of $24 billion in opportunities in several key sectors in each market.

The FII Institute also announced investments in two innovative technology solutions designed to drive sustainability in agriculture and fisheries. The first is a GBP 500,000 investment in Dogtooth Technologies, a UK-based technology start-up that develops and sells autonomous fruit-picking robots, helping to reduce crop waste and CO2 emissions. derived from fruit production. The FII Institute is also investing US$500,000 in the seafood souk, which is featured in the special edition of the United Nations Decade of the Oceans. Seafood Souq is a technology company providing a vertically integrated digital solution for global seafood trade, traceability and financing in support of the blue transformation.

Additionally, the Institute launched its new exclusive Membership Program, offering global investors and change makers the opportunity to join its growing community. The FII Institute Membership Program will provide members with exclusive access to its knowledge platform, which includes a wide range of world-leading research and reports from global universities and organizations. In addition, it announced the launch of the 'Algorithm Prize' with the support of the global research publisher Springer Nature. The annual science and technology award will celebrate artificial intelligence (AI) and robotics research that has the potential to produce real-world solutions that address global challenges.

The sixth edition of FII will conclude on Thursday 27 October with wrap-up discussions on sports, fintech, sustainability and the future of Africa.


The event fact sheet can be found here.

About the FII Institute

The Future Investment Initiative (FII) Institute is a new global nonprofit foundation with an investment arm and an agenda: Impact on Humanity. Global, inclusive, and committed to environmental, social, and governance (ESG) principles, we nurture great minds from around the world and turn ideas into real-world solutions in five critical areas: artificial intelligence (AI) and robotics, education, healthcare and sustainability.

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