Wealth Fund of Oil-Rich Saudi Arabia Plans Green Debt ‘Soon’
- Green debt issuance would be first for a sovereign wealth fund
- PIF is working with BlackRock to put together ESG framework
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Saudi Arabia’s $430 billion sovereign wealth fund plans to announce its first green debt issuance as it looks to increase the role that environmental, social and governance principles play in its investments.
The Public Investment Fund will announce the green issuance “very soon,” Governor Yasir Al-Rumayyan said in a virtual event on Tuesday. The PIF, as the fund is known, is also working with BlackRock Inc. on developing an ESG framework, said Al-Rumayyan, who is also chairman of Saudi Aramco, the world’s biggest oil company.