The London Stock Exchange is set to admit a $3bn green bond from the Saudi Arabian sovereign wealth fund to its sustainable bond market.
The Saudi Public Investment Fund (PIF) is the first to be issued by a sovereign wealth fund and begins the broader issuance of green bonds announced by PIF earlier this month. The $3bn issuance is part of Saudi Arabia's push to reach Net Zero by 2060 and was issued in three tranches to be repaid in 2027, 2032 and 2122. However, Saudi Arabia's green bond issuance has come under fire recently, with critics noting that the issuance will fund "giga-projects" like Neom, the planned line-shaped desert city that would be powered by renewable energy. Last week, it came to light that Saudi ...
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