Saudi Arabia markets Middle East's first euro green bond: What to know
The kingdom, currently the world’s top oil exporter, looks to have half of its electricity powered by renewable energy by 2030.
Saudi Arabia has begun the sale of its first euro-denominated green bond, according to reports, marking a regional milestone in sustainable finance. The bond aims to support the kingdom’s Vision 2030 plan, which seeks to diversify the economy away from oil dependence by the end of the decade.
Bloomberg reported Tuesday, citing a source close to the transaction, that the seven-year green debt offering is being marketed alongside a 12-year conventional bond from the kingdom.
A green bond is a fixed-income debt instrument that funds projects focused on the climate transition such as renewable energy plants or electric cars.
Saudi Arabia’s Ministry of Finance mandated HSBC, JPMorgan and Societe Generale as global coordinators for the bond sale, Bloomberg reported.
