RIYADH — The Public Investment Fund (PIF) has identified a capital expenditure requirement of $19.4 billion for its Eligible Green Projects, with $5.2 billion already allocated as of June 2024.

This allocation is part of PIF's ongoing commitment to sustainable finance, as detailed in its recently published second Allocation and Impact Report.

The report highlights the significant investments in areas such as renewable energy, green buildings, and sustainable water management projects.

Funds allocated thus far are being directed toward developments that meet specific eligibility criteria designed to promote environmentally friendly initiatives.

In the near future, PIF plans to add new Eligible Green Projects to its Green Finance Register. These projects encompass a wide array of initiatives, including renewable energy, sustainable water management, green buildings, pollution prevention and control, energy efficiency, sustainable management of living natural resources and land use, and clean transportation. All these initiatives are aligned with the United Nations Sustainable Development Goals and are expected to provide substantial environmental benefits.

In October 2022, PIF made history by issuing its inaugural green bond, becoming the first sovereign wealth fund to do so, and launching the world's first 100-year green bond. The fund is rated A1 by Moody’s with a positive outlook and A+ by Fitch with a stable outlook, reflecting its strong creditworthiness.

The issuance of green bonds enables PIF to further diversify its sources of debt funding while driving impactful green investments across Saudi Arabia.

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