What do you believe is the single most important factor driving up the cost of living in Nigeria?

Saudi Arabia's Public Investment Fund (PIF) has allocated $5.2 billion out of $8.5 billion raised through green bonds to projects as of June 2024, according to its Allocation and Impact Report released on Friday.

This allocation figure is up from $1.3 billion in June of the previous year.

A green bond is a type of income used to finance projects that have environmental benefits. The PIF became the first sovereign wealth fund to issue a green bond back in October 2022. It followed up with a second green bond offering in February 2023.

The mammoth sovereign wealth fund, which oversees $925 billion in assets, has a capital expenditure requirement of $19.4 billion for what it deems "eligible green projects," according to the PIF's annual report.

Funds "have been allocated to finance the development in eligible criteria with major expenditure in Renewable Energy, Green Buildings and Sustainable Water Management projects," the PIF said, adding that the eligible green projects "contribute to the United Nations Sustainable Development Goals."

Saudi Arabia has a stated goal of reaching net-zero greenhouse gas emissions by 2060 and has poured billions of dollars into what it says are sustainable development projects. The drive is part of Crown Prince Mohammed bin Salman's Vision 2030 plan, which aims to diversify and modernize the kingdom's economy, reducing its reliance on oil.

• Read More