Saudi Arabia's National Debt Management Center published its Green Financing Framework on 28 March 2024. The document establishes the conditions under which the Kingdom may issue green bonds and sukuk to finance eligible green projects aligned with Vision 2030.
Eligible project categories under the framework include renewable energy, clean transportation, energy efficiency and green buildings.
ALIGNMENT WITH INTERNATIONAL STANDARDS
The National Debt Management Center appointed Moody's Investors Service to deliver a Second Party Opinion. Moody's assessed the framework against the International Capital Market Association's Green Bond Principles, the globally recognised benchmark for labelled green debt instruments.
The ICMA Green Bond Principles set out four core components that issuers must address: use of proceeds, the process for project evaluation and selection, management of proceeds and reporting.
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