RIYADH: 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.
