Wed. Apr 17th, 2024

The Ministry of Finance has announced the publication of the Kingdom’s Green Financing Framework, a pivotal initiative under the Financial Sector Development Program aimed at propelling the country toward its sustainability and net-zero emissions objectives.

This strategic move is aligned with the Circular Carbon Economy approach, underscoring Saudi Arabia’s commitment to environmental stewardship and sustainable development.

The framework serves as a beacon for investors and market participants, spotlighting the Kingdom’s dedicated efforts in sustainability. It represents a significant leap toward fulfilling the ambitious Saudi Vision 2030, which envisions a sustainable future through comprehensive policies, investment in green development, and the construction of sustainable infrastructure.

Marking Saudi Arabia’s leadership in sustainable finance within the region, the Green Financing Framework is set to stimulate further public and private investment in climate and environmental initiatives. This initiative follows the Kingdom’s declaration in October 2021 of its aim to achieve net-zero emissions by 2060, embracing the Circular Carbon Economy model. This aligns with Saudi Arabia’s commitment under the Paris Agreement to reduce greenhouse gas emissions by 278 million tons annually by 2030, adhering to the Green Bonds Principles set by the International Capital Market Association.

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