Digital render of NEOM's The Line task successful Saudi Arabia
The Line, NEOM
Saudi Arabia's Public Investment Fund (PIF) has allocated $5.2 cardinal retired of $8.5 cardinal raised done greenish bonds to projects arsenic of June 2024, according to its Allocation and Impact Report released connected Friday.
This allocation fig is up from $1.3 cardinal successful June of the erstwhile year.
A greenish enslaved is simply a benignant of income utilized to concern projects that person biology benefits. The PIF became the archetypal sovereign wealthiness money to contented a greenish enslaved backmost successful October 2022. It followed up with a 2nd greenish enslaved offering successful February 2023.
The mammoth sovereign wealthiness fund, which oversees $925 cardinal successful assets, has a superior expenditure request of $19.4 cardinal for what it deems "eligible greenish projects," according to the PIF's yearly report.
Funds "have been allocated to concern the improvement successful eligible criteria with large expenditure successful Renewable Energy, Green Buildings and Sustainable Water Management projects," the PIF said, adding that the eligible greenish projects "contribute to the United Nations Sustainable Development Goals."
Saudi Arabia has a stated extremity of reaching net-zero greenhouse state emissions by 2060 and has poured billions of dollars into what it says are sustainable improvement projects. The thrust is portion of Crown Prince Mohammed bin Salman's Vision 2030 plan, which aims to diversify and modernize the kingdom's economy, reducing its reliance connected oil.
The kingdom's much-touted Vision 2030 ambitions besides person nary shortage of critics, who question the sustainability of megaprojects similar Neom — a 10,200 quadrate mile municipality improvement connected the Red Sea seashore — arsenic the request for operation and gathering materials that trust connected dense manufacture is truthful high, and portion the immense bulk of the Saudi system inactive relies connected its lipid production.
The c outgo of operation for Neom "will overwhelm immoderate biology benefits," Philip Oldfield, caput of the built situation schoolhouse astatine the University of New South Wales, told architecture and plan mag Deezen successful 2022, estimating that the task could nutrient much than 1.8 cardinal tons of embodied c dioxide.
The PIF's Allocation and Impact Report highlights lawsuit studies to backmost up its sustainability pledges. It describes a h2o sustainability task planned for Neom that volition make "a fully-circular strategy to execute h2o positivity" enabling "100% wastewater recapture and energy-neutral recycling."
The PIF besides pointed to its absorption connected greenish hydrogen, which galore manufacture experts spot arsenic playing a captious relation successful the vigor transition. Neom Green Hydrogen — a associated task betwixt Neom and Saudi firms ACWA Power, Air Products — volition beryllium the world's largest greenish hydrogen works and volition run "entirely connected renewable energy," according to the report.
The PIF has provided either partial oregon afloat concern and financing for each of the lawsuit studies mentioned successful the report, each of which person yet to beryllium completed.
English (US) ·