Arab News, Tue, Feb 27, 2024 | Shaban 17, 1445
Saudi green projects set to see over $1.6bn investments by 2030, says minister
Saudi Arabia:
Environmental projects in Saudi Arabia are set to receive over SR6 billion
($1.60 billion) in investments until 2030, as revealed by a senior official.
Addressing a Riyadh forum, Saudi Deputy Minister
of Environment, Water, and Agriculture, Mansour bin Hilal Al-Mushaiti, said the
Kingdom’s leadership had identified the sector as playing a critical role in the
Vision 2030 economic diversification initiative as it impacts public health and
overall quality of life.
During the Environmental Compliance Forum,
Al-Mushaiti mentioned that the ministry has been studying the current situation
and formulating the national environmental strategy since 2016, according to the
Saudi Press Agency.
Among the Kingdom’s environmental projects is the
Saudi Green Initiative, launched in 2021 by Saudi Crown Prince Mohammed bin
Salman.
Since its inauguration, 77 initiatives have been
activated across three targets, including emissions reduction, afforestation,
and land and sea protection. This represents an investment of more than $186
billion, contributing to sustainable growth.
SGI supports Saudi Arabia’s ambition to achieve
net-zero emissions by 2060 through the Circular Carbon Economy approach,
accelerating the country’s transition to a green economy.
Al-Mushaiti added that they have implemented
practical solutions involving the private sector, resulting in progress toward
sustainability goals. This includes improving compliance with ecological
standards and investing in the green sector.
He added that the National Center for
Environmental Compliance is exploring expanded opportunities and incentives to
attract capital investment in projects related to green services.
Emphasizing that the forum is the first of its
kind, he believes in the importance of collaboration to foster a sustainable
ecosystem, preserving natural resources, enhancing quality of life, improving
performance, and elevating services for beneficiaries.
The deputy minister clarified that ensuring
environmental, food, and water security has become imperative for economic
development and prosperity. He highlighted that the cost of environmental
degradation exceeded SR86 billion, as per a 2014 World Bank study.
He noted that the Kingdom has made significant
progress in ecological protection and conservation of natural resources,
improving global indicators. He called for cooperation to enhance environmental
commitment through self-regulation, disclosure, and integrated performance from
all stakeholders.
Under the umbrella of SGI, 18 million trees were
planted and 60,000 hectares of land were rehabilitated in 2022. The goal is to
plant more than 600 million trees across Saudi Arabia by 2030, including 100
million mangroves.