Saudi Arabia’s Public Investment Fund (PIF) has become the world’s first sovereign wealth fund to announce a net zero target by 2050 for carbon emissions. Speaking at the Middle East Green Initiative (MGI) Summit that was held simultaneously with Cop27 in Sharm el-Sheikh.
PIF, which is backing some $1tn of construction projects in the kingdom, plans to achieve the 2050 goal by financing projects that support the green transition and encourage further innovation. In early October, PIF completed its first bond issuance raising $3bn.
Potential green investments include eligible green projects in renewable energy, energy efficiency, sustainable water management, pollution prevention and control, green buildings and clean transportation.
