Saudi Arabia's Public Investment Fund aims to have USD3T in assets by 2030
Date
6/13/2024 5:57:28 AM
(MENAFN) During the "Priority Summit" launch in Rio de Janeiro, Brazil, Yasser Al-Rumayyan, Chairman of the Board of Directors of the Future Investment Foundation and Governor of the Saudi Public Investment Fund (PIF), affirmed the fund's ambitious goal to increase its assets to approximately usd3 trillion by 2030. Al-Rumayyan highlighted the PIF's significant investments in renewable energy, particularly through partnerships with companies like ACWA Power. He emphasized Brazil's suitability as a venue for discussions on PIF investments in entertainment, particularly football.
Al-Rumayyan underscored the stark disparity in renewable energy investments between developing and developed nations. He also identified energy as a critical challenge for the advancement of artificial intelligence (AI), noting that AI's energy consumption is poised to surpass current limits. Al-Rumayyan pointed out that applications like the GPT Chat consume electricity equivalent to the annual consumption of 283,000 homes in California within a single day, highlighting the urgent need to transition AI operations to renewable energy sources.
The anticipated growth in electricity consumption, ranging from 3 percent to 6 percent annually, attributed to AI usage underscores the imperative for sustainable energy solutions. Al-Rumayyan emphasized the necessity of seeking renewable energy alternatives to power AI technologies, given the projected increase in energy demand. This aligns with broader global efforts to mitigate climate change and transition toward a more sustainable energy future.
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