- Fund to be “first sovereign wealth fund" to make such a move.
- His Excellency Yasir Al-Rumayyan, Governor of the Public Investment Fund, addresses event held alongside UN General Assembly.
The Public Investment Fund (PIF) plans to announce the issuance of its first green debt, with borrowing linked to sustainability, His Excellency Yasir Al-Rumayyan said in quotes reported by Reuters.
The PIF Governor was speaking at an event held alongside the United Nations General Assembly. “We will be the first sovereign wealth fund in the world to announce this green issuance," Al-Rumayyan was reported as saying.
He added that PIF was working with BlackRock on an ESG framework. “We're working with many partners from all over the world, domestically and internationally, to have better ESG compliance (in) all the things that we do," he said.
PIF is committed to driving environmental and economic sustainability. The fund has pledged to develop 70% of Saudi Arabia's renewable energy by the end of the decade, and is investing across many different sectors targeting sustainability.
The Fund established energy efficiency company Tarshid, which is retrofitting buildings and street lights to cut the amount of power used; the PIF-owned Saudi Investment Recycling Company is helping build a circular economy by diverting waste away from landfill; while NEOM, the vast giga-project owned by the Fund, will be 100% powered by renewable energy.
Read the full Reuters article here
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