Saudi Public Investment Fund (PIF), the Kingdom's sovereign wealth fund, laid out plans on Monday for raising green debt as the world's top oil exporter strives to reach net-zero carbon emissions by 2060.
The Fund published the green finance framework that will allow it to tap world markets to issue debt linked to environmentally friendly goals, including the sale of green bonds.
Meanwhile, the Saudi Investment Recycling Company (SIRC), a PIF subsidiary, invited local, regional, and international companies specialized in waste management and recycling to register their interest in waste management and recycling projects in Riyadh.
SIRC has set a target to divert 94 percent of MSW from landfills by 2035, according to the Saudi Green Initiative.
According to SIRC's press statement, the projects are expected to be set up on the Public-Private Partnership (PPP) model.
The statement said the solution would enable the entire Municipal Solid Waste (MSW) value chain, from sorting at source to the collection, transportation, treatment, and recycling, and include sorting and recycling stations, waste-to-energy, and alternative fuel (Refuse Derived Fuel) production plants and composting facilities.
SIRC, along with the private sector, will develop the ecosystem under the rules and regulations of the National Centre for Waste Management (MWAN), the statement added.
