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Saudi PIF Sets Framework for Green Financing

Saudi PIF Sets Framework for Green Financing
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Saudi PIF Sets Framework for Green Financing

Saudi PIF Sets Framework for Green Financing

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.

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China's Coal Power Plants Grow After 2024 Decline

Guohua Power Station, a coal-fired power plant, operates in Dingzhou, Baoding, in the northern China's Hebei province (AP)
Guohua Power Station, a coal-fired power plant, operates in Dingzhou, Baoding, in the northern China's Hebei province (AP)
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20
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China's Coal Power Plants Grow After 2024 Decline

Guohua Power Station, a coal-fired power plant, operates in Dingzhou, Baoding, in the northern China's Hebei province (AP)
Guohua Power Station, a coal-fired power plant, operates in Dingzhou, Baoding, in the northern China's Hebei province (AP)

China approved 11.29 gigawatts (GW) of new coal power plants in the first three months of 2025, already exceeding the 10.34 GW approved in the first half of 2024, a new Greenpeace report showed on Thursday.

Last year, Chinese approvals of new coal-fired power capacity fell 41.5% year-on-year to 62.24 GW, the first annual decline since 2021. The new data suggest approvals are tracking higher this year.

While all the approved projects may not be built, the growing pipeline signals a continued reliance on coal.

Reducing coal use to cut emissions is key to China's goal to hit peak carbon emissions by 2030 and carbon neutrality by 2060.

Gao Yuhe, Greenpeace's climate and energy project manager for East Asia said,

“The year 2025 marks a pivotal moment in the country’s energy transition. There is already enough existing capacity to meet today's peak demand.

Approving a new wave of large-scale coal projects risks creating overcapacity, stranded assets, and higher transition costs.”

State planner, the National Development and Reform Commission, and the National Energy Administration did not immediately respond to faxed requests for comment.

This year marks the last in China's 2021-2025 five-year plan, in which China has approved 289 GW in new coal capacity, around double the 145 GW approved for the 2016-2020 period.

China has said it will start to phase down coal during the 2026-2030 five-year plan, but Beijing has not committed to any specific targets.

In return, Greenpeace called for more ambitious carbon emissions goals from China and a clear timeline for phasing out coal.

It also said China's power sector emissions could peak this year as growth in wind and solar outpaces coal.