The PIF became the first sovereign wealth fund to issue a green bond back in October 2022.
The mammoth sovereign wealth fund, which oversees $925 billion in assets, has a capital expenditure requirement of $19.4 billion for what it deems "eligible green projects," according to the PIF's annual report.
Saudi Arabia has a stated goal of reaching net-zero greenhouse gas emissions by 2060 and has poured billions of dollars into what it says are sustainable development projects.
It describes a water sustainability project planned for Neom that will develop "a fully-circular system to achieve water positivity" enabling "100% wastewater recapture and energy-neutral recycling."
Neom Green Hydrogen — a joint venture between Neom and Saudi firms ACWA Power, Air Products — will be the world's largest green hydrogen plant and will operate "entirely on renewable energy," according to the report.
Persons:
Prince Mohammed bin Salman's, Philip Oldfield
Organizations:
Saudi, Public Investment Fund, Renewable Energy, Green, Sustainable Water Management, United Nations Sustainable, University of New, ACWA Power, Air Products
Locations:
Saudi Arabia, Saudi, University of New South Wales, Neom