Strategic expansion focuses on key sectors, highlighting Brazil’s role in renewable energy and AI’s growing energy demands
12/06/2024
The Governor of Saudi Arabia’s Public Investment Fund (PIF), Yasir Al-Rumayyan, expressed keen interest in broadening Saudi investments in Brazil. “We started investing in 2016 through one of our subsidiaries. Now we are focusing on technology, renewable energies, if all goes well, football,” he said at the FII Priority Summit in Rio, an international meeting of leaders and executives that takes place on Wednesday (12) in Rio.
Mr. Al-Rumayyan, who also serves as chairman of the board of the state oil company Aramco and president of the FII Institute, shared that about 80% of PIF’s investments are domestic, primarily in greenfield projects aimed at job creation. “Our remaining 20%, amounting to around $200 billion, is targeted internationally,” he said.
The executive emphasized Saudi Arabia’s commitment to sustainability, stating that the nation is a leader in renewable energy. He noted that fossil fuels can no longer be the basis of business, explaining Aramco’s strategy to decrease oil production and ramp up investment in renewable energy sources.
Mr. Al-Rumayyan raised a crucial issue that often goes unaddressed—the significant increase in energy consumption driven by advances in artificial intelligence.
“Energy consumption is going to rise substantially with artificial intelligence. The energy needed for one day of ChatGPT is equivalent to the annual consumption of 273,000 homes in California. This presents a major challenge globally, and we must seek renewable energy solutions to power such technologies,” he explained.
He further underscored Brazil’s potential as a “key player” in the renewable energy sector. “Brazil is very well positioned to be one of the key players [in renewable energy]. What it needs is good regulation and the right people, like those who are here,” he noted.
*Por Victoria Netto, Lucianne Carneiro — Rio de Janeiro
Source: Valor International