Saudi Arabia’s Public Investment Fund hopes to become the first sovereign wealth fund to have a fully green yield curve, a senior executive told Al Arabiya.
The PIF is also seeking to secure credit ratings as it plans to launch a program to finance activities, Saudi’s Public Investment Fund (PIF) head of global capital finance Fahad al-Saif added.
Al-Saif told Al Arabiya on the sidelines of the fifth edition of the Future Investment Fund (FII) in Riyadh that the PIF is currently responsible for 70 percent of Saudi Arabia’s clean energy targets.
The fund aims to “be the first sovereign fund with a completely green yield curve” for financing issuances, al-Saif said, stressing the fund’s work to launch its own financing program as soon as possible, and that it is in the process of communicating with credit rating companies in this regard by working to secure credit ratings to support financing activities.
During his interview, he stressed the fund’s work to be “a factory for innovating the means of financing mega projects, infrastructure projects, energy and tourism sectors, by reconciling various factors, provided that the requests that come to the Kingdom from abroad participate in the financing operations.”
Speaking about Saudi Arabia, he said the Kingdom has set huge green initiatives, from becoming net-zero by 2060, while the country will also join the Global Methane Pledge to contribute to cutting global methane emissions by 30 percent by 2030, as part of its commitment to deliver a cleaner, greener future.