Saudi Arabia’s Ministry of Finance has published “The Kingdom of Saudi Arabia Green Financing Framework”, a key initiative to push the country toward sustainability and net zero emissions through the Circular Carbon Economy approach.
The framework also highlights the Kingdom’s interest in boosting sustainable finance and catalysing more public and private financing of climate and environment initiatives.
According to the ministry, the framework is a major step toward achieving the Saudi Vision 2030 goals for a more sustainable future, starting from policies and investment development to planning and building all kinds of infrastructure.
The framework was established following the Kingdom’s October 2021 announcement that it works to achieve net zero emissions by 2060 through the Circular Carbon Economy approach.
The Kingdom has pledged to reduce greenhouse gas emissions by 278 million tons annually by 2030, as per the Paris Agreement, under the Green Bonds Principles of the International Capital Market Association.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), started issuing green debt in 2022.Â