The Public Investment Fund (PIF) of Saudi Arabia has increased its green project investments to over $19.4 billion, focusing on renewable energy and clean transportation. This comes as part of PIF’s commitment to sustainability, highlighted in its latest “Allocation and Impact Report” for June 2024.
PIF has earmarked $8.5 billion from its green bonds, issued in 2022 and 2023, for 91 eligible projects, including renewable energy, green buildings, and sustainable water management. Of these, 18 projects are already operational, with $457 million allocated, while $18.9 billion will fund 73 under-construction projects.
A major focus is on Red Sea Global and AMAALA, which have received $1.7 billion in green financing. These regenerative tourism destinations are expected to save over 600,000 tons of CO2 emissions annually when completed.
In water sustainability, PIF is backing the NEOM Water Distribution project with over $1 billion in funding for water transmission systems.
PIF’s green bond strategy aligns with Saudi Vision 2030, supporting the Kingdom’s goal of net-zero carbon emissions by 2060. These projects will generate enough renewable energy to power 160,000 homes annually and help reduce carbon emissions significantly.