Saudi Arabian financiers are diversifying their portfolios adding more renewable energy projects into the mix.
Alsharif Al-Ghalib, senior executive vice president for corporate banking at the National Commercial Bank, said at the Gulf Environment Forum in Jeddah that the Saudi financial sector had to become a catalyst for promoting responsible lending. He said that all energy produced in the Kingdom was generated by fossil fuels, and banks needed to play their part in ensuring renewable energy projects were given greater backing.
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