This study explores the adoption of green bonds within Saudi Arabia’s municipal sector, situated at the intersection of centralized governance, fossil fuel dependency, and ongoing sustainability reforms under Vision 2030. Employing a mixed-methods approach, this research integrates quantitative and qualitative insights from expert survey data to uncover key institutional, market, and stakeholder dimensions influencing green bond uptake. The findings reveal an emerging framework shaped by regulatory capacity, global integration, and risk perceptions. Rather than focusing solely on statistical outputs, this study highlights how governance structures, economic diversification efforts, and stakeholder alignment collectively shape the trajectory of green finance adoption. Practical implications include the need for harmonized regulatory frameworks, enhanced transparency through ESG standards, and stronger public–private collaboration.  […]