Saudi Arabia’s Public Investment Fund (PIF) has raised its investment in green projects to over $19.4 billion (Dh71.2 billion). This funding is aimed at supporting 91 projects focused on renewable energy, clean transportation, and other environmentally friendly sectors.
According to PIF’s second ‘Allocation and Impact Report,’ released, the fund is currently financing 18 operational projects. These projects cover various sectors, such as renewable energy, energy efficiency, green buildings, clean transportation, sustainable water management, pollution prevention, and the sustainable management of natural resources.
PIF has already committed $457 million (Dh1.6 billion) to these 18 projects. Out of this amount, $372 million (Dh1.3 billion) is specifically allocated for eight green building projects. These buildings are designed to be more energy-efficient and environmentally friendly.
In addition to the projects that are already operational, PIF has set aside $18.9 billion (Dh69 billion) for 73 projects that are still being built. These projects also focus on similar areas as the operational ones. A large portion of this funding, specifically $6.3 billion (Dh23 billion), is directed toward three major green building projects.
This investment plan is part of Saudi Arabia’s broader strategy to develop sustainable infrastructure and reduce its environmental impact. The fund aims to support the growth of renewable energy, improve energy efficiency, and promote clean transportation and sustainable water management.
Through these green projects, PIF is helping Saudi Arabia move towards a more sustainable and environmentally friendly economy. This investment will contribute to the country’s efforts to address climate challenges and promote a greener future for its citizens.
