• | 11:00 am

Saudi Arabia to inject $1.6 billion into green projects by 2030

Saudi Arabia has invested over $186 billion across 77 initiatives on emissions reduction, afforestation, and land and sea protection.

Saudi Arabia to inject $1.6 billion into green projects by 2030
[Source photo: Pankaj Kirdatt/Fast Company Middle East]

In recent years, Saudi Arabia has demonstrated a strong dedication to environmental sustainability and green objectives by introducing numerous initiatives to reduce emissions, promote afforestation, and safeguard both land and sea resources.

The kingdom is ramping up its commitment to environmental sustainability with over $1.6 billion earmarked for green projects by 2030. This was announced by Mansour bin Hilal Al-Mushaiti, Deputy Minister of Environment, Water, and Agriculture, at the Environmental Compliance Forum in Riyadh.

Al-Mushaiti emphasized the alignment of environmental protection with the Kingdom’s Vision 2030 economic diversification plan, recognizing its impact on public health and quality of life. He highlighted the ongoing development of a national environmental strategy since 2016.

The Saudi Green Initiative (SGI) is a cornerstone of the green push. With over $186 billion invested across 77 initiatives focused on emissions reduction, afforestation, and land and sea protection, SGI aims to achieve net-zero emissions by 2060 through the Circular Carbon Economy approach.

The commitment to green initiatives extends beyond financial investment. Under SGI, 18 million trees were planted, and 60,000 hectares of land were rehabilitated in 2022. The ambitious goal of planting over 600 million trees across Saudi Arabia by 2030, including 100 million mangroves, further demonstrates the kingdom’s dedication to a greener future.

Al-Mushaiti acknowledged the crucial role of the private sector, citing improved compliance with environmental standards and green investments as examples of successful collaboration. He underscored the National Center for Environmental Compliance’s efforts to attract further capital by exploring new opportunities and incentives.

He also called for collaboration to foster a sustainable ecosystem, emphasizing the link between environmental protection and economic prosperity and citing a 2014 World Bank study that estimated the cost of environmental degradation in Saudi Arabia to exceed $22.9 billion.

Highlighting the progress made in environmental protection and conservation, Al-Mushaiti called for continued commitment from all stakeholders. He emphasized the importance of self-regulation, disclosure, and integrated performance to strengthen environmental responsibility.

The Innovation By Design Summit is in Doha on April 24. Attendance at the summit is by invitation only. Delegates can register here to receive their exclusive invite.

More Top Stories: