The Arab Petroleum Investments Corporation (previously known as Apicorp) announced on Monday its intention to invest up to one billion dollars in decarbonization technologies over the next five years. The fund, which is a multilateral financial institution, focuses on the Middle East and North Africa region.
The CEO of the fund, Khalid Ali Al-Ruwai, stated in a statement: "Our strategy includes diversifying investments by supporting technological advancements to enhance energy efficiency and drive sustainable decarbonization efforts."
The institution, which has received investment-grade ratings from all major credit rating agencies, issued five-year green bonds worth 750 million dollars after establishing a green bond framework in 2021. The fund has allocated 610 million dollars so far to eleven projects in the region.
The statement mentioned that currently, the institution has dedicated 18 percent of its loan portfolio, amounting to 4.5 billion dollars, to support environmental and social responsibility initiatives.
This planned investment and the new name are part of a five-year strategy through 2028 supporting the transformation of the "energy landscape in the Middle East and North Africa towards a future with net-zero emissions." The fund announced this at the United Nations Climate Change Conference (COP28) in Dubai.
Apicorp was established in 1974 by ten Arab oil-exporting countries. Its headquarters is located in Saudi Arabia, and it has assets exceeding eight billion dollars, according to its website.
