Yasir Othman Al-Rumayyan and Marco Arcelli
We, Abeer Abdulkareem and Amgad Ellaboudy, Saudi Arabia country managers at Climate Scorecard, nominate both Yasir Othman Al-Rumayyan, Governor of Saudi Public Investment Fund (PIF), and Marco Arcelli, CEO of ACWA Power Company to share the Climate Scorecard 2024 Climate Country Leader Award. They have provided phenomenal leadership and pioneering work to advance and develop renewable energy projects across the Kingdom and to reduce carbon emissions in Saudi Arabia.
Al-Rymayyan is PIF’s governor, which manages $925 billion in assets and 95 companies across 13 strategic sectors. In July 2024, PIF signed three joint ventures to localize renewable energy in Saudi Arabia. These ventures aim to manufacture wind turbines and components, photovoltaic cells, modules, and ingots and wafers for solar power. The Renewable Energy Localization Company, which PIF fully owns, has entered into these agreements. As of 2023, PIF had raised $8.5 billion by issuing two green bonds, of which $1.3 billion had been deployed and invested in 35 green projects as of June 2023. Arcelli is the chief officer of ACWA Power, a developer, investor, co-owner, and operator of a portfolio of power generation, renewable energy, and desalinated water production plants. ACWA Power entered a strategic agreement with Saudi Arabia’s Public Investment Fund (PIF) in 2023 to lead the development of 70% of Saudi Arabia’s renewable projects under the PIF Renewable Program. In June 2024, the company signed three power purchase agreements alongside Badeel and SAPCO, with the Saudi Power Procurement Company to develop and operate three major new solar PV projects in Makkah and Qassim, with a combined capacity of 5.5GW for $3.3 billion. In the first half of 2024, the company added 10.5GW of renewable power generation capacity to its portfolio.
Yasir Othman Al-Rumayyan and Marco Arcelli are exemplary leaders whose efforts are transforming Saudi Arabia’s energy landscape and advancing the global fight against climate change. Al-Rumayyan’s stewardship of the Public Investment Fund (PIF) has catalyzed the localization of renewable energy technologies in Saudi Arabia. His strategic initiatives, including joint ventures to manufacture wind turbines, photovoltaic cells, and solar power components, demonstrate a commitment to building a sustainable energy ecosystem. The issuance of $8.5 billion in green bonds to fund 35 green projects further highlights his vision for a low-carbon future. Meanwhile, Marco Arcelli’s leadership of ACWA Power has driven substantial progress in renewable energy capacity, with the company developing 70% of Saudi Arabia’s renewable projects under the PIF Renewable Program. His role in securing power purchase agreements for 5.5GW solar PV projects underscores his ability to deliver impactful large-scale solutions. Al-Rumayyan and Arcelli will play crucial roles in decarbonizing Saudi Arabia’s energy sector by scaling renewable technologies and fostering international collaboration. Their innovative strategies are instrumental in ensuring Saudi Arabia achieves its climate goals while contributing to the global energy transition. These achievements make them highly deserving of the Climate Scorecard 2024 Climate Country Leader Award.