The Ministry of Finance publishes the Kingdom of Saudi Arabia Green Financing Framework under one of the Financial Sector Development Program initiatives to support the Kingdom's ambitions towards sustainability, reach net zero emissions through the Circular Carbon Economy approach, and to further display the Kingdom's efforts towards sustainability to investors and market participants. The framework is a major step to achieve the Saudi Vision 2030 goals, which focuses on a more sustainable future, starting from policies and investment development to planning and building infrastructures.
The Kingdom of Saudi Arabia Green Financing Framework also illustrates regional leadership in sustainable finance, and encourages more public and private initiatives towards climate and environmental finance. The framework is established in line with the Kingdom's announcement in October 2021 to achieve net zero emissions by 2060 through the Circular Carbon Economy approach, and to Fulfill the pledge to reduce its Greenhouse gas (GHG) emissions by 278 million tons per year by 2030 in line with the Paris Agreement, in accordance with the Green Bonds Principles (GBP) of the International Capital Market Association.
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