Saudi Arabia’s PIF allocates $19b for green projects

Dubai: Saudi Arabia’s Public Investment Fund (PIF) has increased its investment plan for green projects to over $19.4 billion (Dh71.2 billion), encompassing 91 eligible initiatives in renewable energy and clean transportation, among other areas.

In its second ‘Allocation and Impact Report’, PIF updated the status of its green bonds as of June 30. The report highlights 18 operational projects in sectors including renewable energy, energy efficiency, green buildings, clean transportation, sustainable water management, pollution prevention, and the sustainable management of natural resources and land use.

The sovereign wealth fund has committed $457 million (Dh1.6 billion) to these initiatives, with $372 million (Dh1.3 billion) designated for eight green building projects.

The remaining $18.9 billion (Dh69 billion) is allocated to 73 projects currently under construction across the same categories, with green buildings receiving the largest portion at $6.3 billion (Dh23 billion) for three projects.