Riyadh - Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) earmarked a capital expenditure requirement of $19.4 billion for eligible green projects, triggered by its commitment to supporting green projects as part of the broader Vision 2030.

According to its recent Allocation and Impact report, the sovereign fund allocated $5.2 billion out of $8.5 billion raised through green bonds to projects as of June 2024. This allocation figure is up from $1.3 billion in June 2023.

The allocated funds will be directed to spending on renewable energy projects, green buildings, and sustainable water management.

The PIF further affirmed its commitment to transparency and disclosure at various stages of its green financing initiatives.

Moreover, the fund will add new green projects to its green financing portfolio soon, including a wide range of initiatives in renewable energy, sustainable water management, green buildings, pollution prevention, energy efficiency, sustainable management of living natural resources and land, and clean transportation.

The eligible green projects are expected to deliver remarkable environmental benefits while contributing to the United Nations Sustainable Development Goals