Saudi Arabia's Public Investment Fund (PIF) has allocated $5.2 billion out of $8.5 billion raised through green bonds to green projects as of June 2024, as detailed in its Allocation and Impact Report. This significant increase from $1.3 billion in the previous year reflects the PIF's commitment to sustainability. The PIF, overseeing $925 billion in assets, focuses its investments on eligible green projects such as Renewable Energy, Green Buildings, and Sustainable Water Management, in alignment with the United Nations Sustainable Development Goals. The PIF's sustainability initiatives are part of Crown Prince Mohammed bin Salman's Vision 2030 plan, which aims to modernize Saudi Arabia's economy and lessen its dependency on oil. Despite criticisms questioning the sustainability of megaprojects like Neom, the PIF defends its environmental efforts. Noteworthy projects include a water sustainability endeavor in Neom that targets achieving water positivity through a circular system and a massive green hydrogen plant in partnership with Neom and Saudi companies. This green hydrogen plant, set to be the world's largest, will run entirely on renewable energy, showcasing the PIF's commitment to clean energy transition. The PIF's investments not only support Saudi Arabia's ambition to achieve net-zero greenhouse gas emissions by 2060 but also highlight its dedication to sustainability and environmental stewardship. While critiques persist regarding the environmental impact of projects like Neom, the PIF's Allocation and Impact Report underscores its focus on green initiatives and sustainable development to drive the kingdom towards a greener and diversified economy.