2024 highlights

2024 highlights
50%
GHG emissions intensity reduction of our electricity generation by 2030
70/30
green‑brown ratio by 2030
Net zero
by 2050

Indicators

Gross power capacity, GW
69.2 26%
Water desalination total capacity, million m3/day
8.1 5%
GHG emissions intensity of gross electricity generation, t CO2e/MWh
0.47 (6%)
LTI rateBased on an injury rate per 200,000 hours worked. Independently assured by KPMG, with assurance statement in Independent limited assurance report section
0.01 same as 2023
Green‑brown ratio
Gross power capacity from renewables as percentage of the total
50.4 6% %
Total portfolio emissions avoided, million t CO2e/yr
6.84 29%

The 2024 United Nations Climate Change Conference or Conference of the Parties (COP29)

ACWA Power was appointed as the Energy & Water Partner for COP29 in Azerbaijan. This collaboration underscored ACWA Power’s commitment to advancing sustainable energy and water solutions on a global scale. As the Energy & Water Partner, ACWA Power played a pivotal role in supporting COP29’s objectives to address climate change challenges, particularly in the realms of energy transition and water resource management.

The 2024 United Nations Climate Change Conference or Conference of the Parties (COP29)
The 2024 United Nations Biodiversity Conference of the Parties (COP16)

The 2024 United Nations Biodiversity Conference of the Parties (COP16)

During COP16 in Riyadh, ACWA Power announced two significant environmental and community development initiatives.

The first initiative involved a donation to a foundation dedicated to coral conservation. This collaboration will result in research, the establishment of a Coral Academy, and the development of an interactive roadshow in various cities to increase understanding of coral reefs and the challenges they face. The second initiative focuses on providing sustainable water for over 1,500 households in a water‑stressed region through a charitable foundation.

IRENA

In April 2024, ACWA Power partnered with the International Renewable Energy Agency (IRENA) to advance green hydrogen, solar power, smart grids, and renewable energy‑powered water desalination.

The partnership included sharing expertise through joint workshops and seminars to promote best practice and raise public awareness of the energy transition.

IRENA
WETEX

WETEX

In September 2024, at the Water, Energy Technology and Environment Exhibition (WETEX) in Dubai, ACWA Power participated in a panel entitled ‘Innovating for a Sustainable Energy Future Takes Ambitions’ and shared its expertise at Dubai Electricity & Water Authority (DEWA)’s Clean Tech Youth programme. ACWA Power has developed multiple large‑scale UAE water Projects, delivering 2.8 million m³/day of desalinated water for over four million residents in the country.

Collaboration with local universities

ACWA Power is actively collaborating with local universities to bolster sustainability efforts. At Alfaisal University, we delivered a sustainability training lecture aimed at raising awareness and capacity building. Additionally, we have collaborated with Princess Nourah University to conduct research on sustainability disclosures to enhance sustainability practices across the region.

Collaboration with local universities

FII8

In October 2024, at the Future Investment Initiative Institute (FII), Riyadh, ACWA Power signed four agreements totalling USD 1,784 million for projects in GCC, China, Central Asia and North Africa. The Company also announced the financial close for the Nukus 1 wind project in Uzbekistan.

FII8

United Nations Global Compact (UNCG)

The UNGC is a voluntary initiative for organisations to implement a set of 10 universal sustainability principles covering human rights, labour, the environment, and anti‑corruption. ACWA Power aligns fully with these principles, has signed up to the Global Compact Network Saudi Arabia and has a representative on its board.

Sustainability Champion Programme by Ministry of Economy and Planning (MEP)

In April 2024, the Saudi Ministry of Economy and Planning introduced the Sustainability Champion Programme to advance environmental goals in line with Vision 2030. This initiative fosters knowledge transfer and partnerships, enabling top‑performing companies in the corporate sustainability domain to assist other companies within their sectors and value chains in enhancing sustainability practices, while also improving their own sustainability performance. ACWA Power, a leading KSA energy company, is among 19 prominent firms committed to this initiative. As a Champion, ACWA Power is mentoring three other businesses, to advance sustainable practices across KSA economy. This mentorship is part of a structured two‑year programme, featuring multiple milestones to systematically track progress and ensure effective implementation of sustainability strategies.

Sustainability Champion Programme

Awards and ratings

World Business Outlook Awards
Best Renewable Company of the Year KSA 2024
November, 2024, Bangkok, Thailand

IDRA Sustainability Award
Lowest Carbon Footprint in Desalination (Taweelah IWP)
December, 2024

SWPC Forum – Award ceremony
Reliability Excellence Award – Rabigh 3 Desalination Plant
December, 2024, Riyadh

SWPC Forum – Award ceremony
Private Sector Operational Excellence Award – Shuaibah 2 Water Development Plant (STPC) for the third consecutive year
December, 2024, Riyadh

Global Water Summit 2024
Desalination company & plant of the year (Jazah)
April, 2024

PIF Partners’ Forum Awards
Sustainability Category Award
December, 2024, Riyadh

Global Brands Awards
Leading Renewable Energy Solutions Provider – UAE 2024
Q2 2025 – Dubai, UAE

World Business Outlook Awards
Most Sustainable Energy Company KSA 2024
November, 2024, Bangkok, Thailand

Global Brands Awards
Excellence in Desalination Technology – UAE 2024
Q2 2025 – Dubai, UAE

Sustainability Middle East 2024
Sustainability champion in Energy Award – Executive leader
November, 2024, Dubai, UAE

In 2024, ACWA Power participated in the CDP for the first time, achieving a C rating for both climate and water disclosures. We also participated in other ESG ratings such as MSCI, Sustainalytics, and S&P Global Corporate Sustainability Assessment. We are committed to continuous improvement in our ESG performance and are dedicated to achieving higher ratings in the coming years.