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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
Bloomberg | Bloomberg | Getty ImagesSingapore, a tiny city-state with an import-dependent economy, is especially vulnerable to rising sea levels, heat waves and other adverse effects of climate change. Around the globe, financing for climate adaptation has traditionally lagged behind mitigation investments that are focused on slowing or stopping the rise in fossil fuel emissions. Singapore's climate challengesIn 2019, Singapore prime minister Lee Hsien Loong said climate change was a matter of "life and death" for the city-state. An initiative of London's Imperial College and Singapore Management University, SGFC was launched in 2020 to advance climate financing solutions. In 2020, Vena Energy became the first Singapore-based company to issue green bonds in U.S. dollars with a $325 million five-year green bond aimed at refinancing existing corporate loans for green projects.
Persons: Xinying Tok, Lee Hsien Loong, Grace Fu, Emirhan Ilhan, SGFC, issuances, Vena Organizations: Bloomberg, Getty Images, Singapore, Carbon Trust, National University of Singapore Business School, Green Finance Institute, City State, Singapore Green Finance, London's Imperial College, Singapore Management University, Monetary Authority of, Insurance, Vena Energy, Resources Locations: Getty Images Singapore, Singapore, Southeast Asia, City, Monetary Authority of Singapore
Register now for FREE unlimited access to Reuters.com RegisterDUBAI, Sept 27 (Reuters) - Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has hired banks including Citi and JPMorgan (JPM.N) to arrange a debut issuance of multi-tranche U.S. dollar-denominated green bonds, a document showed on Tuesday. Sources told Reuters earlier this month that PIF would issue the long-planned green bonds this month or in October. Register now for FREE unlimited access to Reuters.com RegisterA debut issuance in tranches of five, 10 and potentially a longer-dated tenor will follow, subject to market conditions. "PIF is acting as the key vehicle to achieve KSA (the Kingdom of Saudi Arabia) green aspirations," the presentation said, referring to an ambitious economic reform agenda to wean the economy off oil. read more($1 = 3.7620 riyals)Register now for FREE unlimited access to Reuters.com RegisterReporting by Yousef Saba; Editing by Louise Heavens and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.
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