Saudi’s sovereign wealth fund PIF plans first green debt issuance

Saudi’s sovereign wealth fund PIF plans first green debt issuance

Saudi Arabia’s Public Investment Fund (PIF) is set to make its first green debt issuance and is working to further incorporate ESG in its over $400 billion worth of global investments. The multi-billion-dollar sovereign wealth fund will divulge more details of the major green issuance soon, said Yasir Al-Rumayyan, governor of PIF and chairman of ’s board of directors. “One of the things that we will be announcing very soon is our green issuance… It’s going to be out very soon,” Al-Rumayyan said during a forum on Tuesday by the Future Investment Initiative Institute (FII). The sovereign wealth fund has recently tapped five international banks as members of an environmental, social and governance (ESG) panel for its capital-raising strategy. During the forum Al-Rumayyan talked about the importance of incorporating ESG principles in their investment strategy. He said the kingdom’s investment vehicle is also currently working with BlackRock Inc. to set up an ESG framework. “We’re working with many partners around the world to have a better ESG compliance to all the things that we do,” Al-Rumayyan said. He said part of their sustainability strategy is to allocate a significant portion of the investments in renewables. “By 2032, we will have