Results of largest-ever carbon credit sale and other major announcements take place on second day of FII
RIYADH, Saudi Arabia, Oct. 26, 2022 /PRNewswire/ -- The second day of the sixth edition of the Future Investment Initiative (FII) saw the successful auction of the largest-ever carbon credit sale, major announcements, the signing of key deals, and stimulating discussions about a range of trending topics.
The day opened with a conversation between CEO of the FII Institute, Richard Attias and Founding Partner of Trian Fund Management, Nelson Peltz, about how to ensure long-term success throughout the ongoing global changes. The conversation was followed by a plenary discussion titled "The Pulse on Global Macrofinance" where HE Mohammed Al Jadaan, Saudi Minister of Finance; HE Shaikh Salman bin Khalifa Al-Khalifa, Bahraini Minister of Finance and National Economy; and HE Steven Mnuchin, Managing Partner of Liberty Strategic Capital, shared their thoughts on how globalization is impacting global markets.
The Saudi Public Investment Fund (PIF) and Tadawul Group announced the results of the VCM carbon marketplace to accelerate the transition to a carbon neutral future, which is integral to Saudi Arabia's efforts to achieve net-zero goals by 2060. Fifteen Saudi and regional entities took part in the largest-ever carbon credit sale, and credits were purchased by companies including Aramco, Olayan Financing Company and Saudi Arabian Mining Company. Moreover, PIF announced that it will establish five companies aimed at investing 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 USD 24 billion in opportunities across various key sectors in each market.
The FII Institute also announced investments in two innovative tech solutions designed to drive sustainability in agriculture and fishing. The first is a GBP 500,000 investment in Dogtooth Technologies, a UK-based tech start-up that develops and sells autonomous fruit picking robots, helping to reduce crop wastage and cut CO2 emissions arising from fruit production. The FII Institute is also investing USD 500,000 in Seafood Souq, featured in the United Nations Ocean Decade Special edition. Seafood Souq is a technology company offering a vertically integrated digital solution for global seafood trade, traceability and financing in support of the Blue transformation.
In addition, the Institute launched its new exclusive Membership Program, giving global investors and change makers a chance 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 reports and world-leading research from global universities and organizations. Moreover, it announced the launch of the 'Algoritmi Prize' with support from global research publisher Springer Nature. The annual science and technology prize 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.
NOTES TO EDITORS
The event factsheet can be found here.
About FII Institute
The Future Investment Initiative (FII) Institute is a new global nonprofit foundation with an investment arm and one agenda: Impact on Humanity. Global, inclusive and committed to Environmental, Social and Governance (ESG) principles, we foster 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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