Saudi development funds invest SR31.5bn in green hydrogen project
Twelve development funds and banks collaborate on energy initiative announced at World Petroleum Congress.
At a glance
- SR31.5 billion invested in green hydrogen project by NDF and Saudi Industrial Development Fund
- 12 development funds and banks collaborating under NDF umbrella
- Initiative aims to contribute to energy security and sustainability
- Announcement made at World Petroleum Congress in Riyadh
The Saudi National Development Fund and the Saudi Industrial Development Fund have contributed to financing a green hydrogen project with total investments of SR31.5 billion, according to NDF Governor Abdulaziz Al-Arifi. Speaking at the World Petroleum Congress in Riyadh, Al-Arifi said 12 development funds and banks are working together to enable projects and expand investment opportunities.
Al-Arifi stated that the development financing system has supported strategic investments, infrastructure development and private sector participation. He noted that the value of development financing extends beyond investment volume to include opportunities created and impact on people's lives and economic growth.
Why it matters
Green hydrogen is considered a key technology for reducing carbon emissions in energy production and industrial processes, supporting global climate goals.
Original reporting
- Saudi Gazette — LatestNDF Chief: SR31.5 billion invested in green hydrogen project
- Saudi GazetteNDF Chief: SR31.5 billion invested in green hydrogen project
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