Pif Green Finance Framework August 2024 · Table (p.2)
From pif_green-finance-framework-august-2024.pdf · page 2
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| GREEN FINANCE FRAMEWORK | |||
| 1. | INTRODUCTION | ||
| The Public Investment Fund (the “Fund” or “PIF”) is the sovereign wealth fund (“SWF”) of the | |||
| Kingdom of Saudi Arabia (the “Kingdom”), mandated to be the driver of the Kingdom’s economic | |||
| transformation and diversification. | |||
| Established in 1971 by virtue of Royal Decree No. M/24, PIF has throughout the years financed many | |||
| projects of strategic importance to the national economy. In 2014 and 2015, PIF underwent a | |||
| comprehensive reform, which prepared the institution for its enhanced role as part of Vision 2030. | |||
| PIF has created several national private sector champions, funded key projects and companies and | |||
| provided financial support to initiatives whose impact has already been felt well beyond the | |||
| Kingdom’s borders. | |||
| Today, PIF is an autonomous, commercially driven investment fund and one of the largest and most | |||
| active sovereign wealth funds | in the world. PIF plays a vital role | in realizing the Kingdom’s | |
| commitment to reach “net zero” greenhouse gas (GHG) emissions by 2060 and driving the | |||
| Kingdom to a flourishing future. Further reaffirming its commitment, in 2022 PIF announced its | |||
| intention to achieve net zero emissions by 2050. This Green Finance Framework (the “Framework”) | |||
| is the natural continuation of PIF’s role and will serve as a gateway to match PIF’s diverse array of | |||
| sustainable projects with sustainable resources. | |||
| 1.1 | A Green Finance Framework in Line with Vision 2030 | ||
| Vision Statement: PIF seeks to become a global investment powerhouse and the world’s most | |||
| impactful investor, enabling the creation of new sectors and opportunities that will shape the | |||
| future global economy, while driving the economic transformation of the Kingdom. | |||
| Mission Statement: PIF actively invests over the long term to maximize sustainable returns and | |||
| enable the economic development and diversification of the Kingdom’s economy. | |||
| The central importance of sustainability for PIF was clearly set out in the mandate assigned by | |||
| Vision 2030. | |||
| 1.2 | Environmental, Social and Governance (ESG) Roadmap | ||
| PIF aspires to become a leading global ESG investor. Since 2021, the Fund has implemented several | |||
| measures to improve ESG integration and management across investment pools and asset classes. | |||
| Measures implemented aim to achieve a sophisticated level of ESG integration with a high degree | |||
| of coverage of ESG across processes and portfolios and dedicated disclosure | in | line with | |
| international standards. To achieve this, PIF has identified the following broad initiatives: |
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