PIF issues second edition of “Investment Allocation and Impact” report, allocating $19.4 billion to green projects

By Fahad Al-Talal

The Public Investment Fund announced the publication of the second edition of the “Investment Allocation and Impact” report, confirming its continued commitment to transparency and disclosure in all stages of green financing it undertakes.

The report clarifies the capital expenditure requirements for eligible green projects, where an amount of $19.4 billion has been set, of which $5.2 billion has been allocated by June 2024.

According to the Public Investment Fund, these allocations aim to support spending on renewable energy projects, green buildings, and sustainable water management, which contributes to achieving sustainable development.

The fund explained that new green projects will soon be added to the fund’s green financing registry, including initiatives in the fields of renewable energy, sustainable water management, green buildings, pollution prevention, energy efficiency, sustainable management of natural resources, and clean transportation.

These projects confirm the Public Investment Fund’s commitment to achieving the United Nations Sustainable Development Goals, while providing tangible environmental benefits.

In October 2022, the Public Investment Fund issued the first green bonds by a global sovereign fund, including 100-year bonds, the first of their kind. This issuance contributes to diversifying the Fund’s funding sources and enhancing its green investments, which has a positive impact on the Kingdom’s economy. The Public Investment Fund was rated (A1) by Moody’s with a positive outlook, and (A+) by Fitch with a stable outlook.