2024 highlights

Indicators
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 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.
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.

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.

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.
Awards and ratings
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.