Saudi Arabia to Issue Green Sukuk to Fund Investments in Renewable Energy

According to Yasir Al Rumayyan, Governor of Saudi Arabia’s Public Investment Fund (PIF), the Kingdom intends to deploy 50% of its investments in renewable and sustainable power sources and it is to issue a green Sukuk soon. The PIF would be the first sovereign wealth fund to issue green debt.

Why it Matters?

Despite being the world's largest oil exporter, Saudi Arabia fares better than other producers in terms of carbon dioxide emissions. It is considered as one of the most efficient countries with regard to sustainability and renewable energy. The PIF has been mandated with the task of developing roughly 70% of Saudi Arabia's renewable energy projects. This is keeping with the Kingdom taking steps to diversify the economy away from hydrocarbons...