The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has expanded its green investment portfolio, allocating over $19.4 billion to 91 eligible green projects in renewable energy, clean transportation, and sustainable water management.

PIF’s second “Allocation and Impact Report” revealed that $8.5 billion of this funding comes from its two green bonds in 2022 and 2023. These funds are directed to 18 operational projects focusing on renewable energy, energy efficiency, green buildings, clean transportation, and sustainable water management.

Of the $457 million allocated to operational projects, $372 million was directed to eight green building initiatives. An additional $18.9 billion was allocated to 73 projects under construction, with green buildings receiving the largest portion—$6.3 billion across three projects.

One of the notable projects funded by PIF’s green bonds is Red Sea Global (RSG), a major tourism development. PIF has committed $1.7 billion to support the sustainable development of The Red Sea and AMAALA, two key components of the initiative.

Established in 2022, the Green Finance Framework sets the standards for issuing green bonds and sustainable financial instruments. RSG is focused on regenerative tourism, featuring 11,000 keys across 80 hotels and sustainable residential assets.

The report highlights that nine green buildings are already operational, achieving 20% energy savings, equating to 18,000 MWh annually, and avoiding 36,000 tons of CO2 emissions yearly.

Beyond renewable energy and tourism, PIF has invested over $1 billion in sustainable water management projects, including the NEOM Water Distribution project.

PIF’s green bonds are expected to generate enough renewable energy to power 160,000 homes annually, save 7.7 million MWh, and contribute to desalination and wastewater treatment, processing 49.4 million cubic meters of wastewater and desalinating 1.2 million cubic meters of seawater annually.