Saudi Arabia publishes green finance framework 

Saudi Arabia's finance ministry has published a green financing framework to propel the kingdom in its quest for sustainability and net zero emissions. 

The framework, published in one of the financial sector development programme initiatives, illustrates the kingdom’s sustainability efforts to investors and market participants, state-run Saudi Press Agency reported. 

Saudi Arabia announced its pledge to achieve net zero by 2060 in October 2021. It aims to do so through a carbon circular economy approach. 

As per the Paris Agreement, the kingdom aims to reduce greenhouse gas emissions by 278 million tons annually by the end of the decade. 

The world’s largest oil exporter is seeking to diversify away from oil and has earmarked substantial funds for carbon-capture technology to neutralise its emissions. 

To support the kingdom’s net zero target, Saudi’s wealth fund, Public investment Fund, started a voluntary carbon credit firm in fourth quarter of 2022 to auction million tons of credit.