The Ministry of Environment, Water, and Agriculture in Saudi Arabia has announced that the investment volume in the environmental services sector for implementing environmental commitment projects will exceed SAR6 billion ($1.59 billion) by 2030. The announcement was made during the Saudi Environmental Compliance Forum 2024.
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Environmental degradation costs
Eng. Mansour Al-Mushaiti, deputy minister of Environment, Water, and Agriculture, highlighted that the cost of environmental degradation surpassed SAR86 billion ($22.93 billion) according to a 2014 study conducted by the World Bank.
Al-Mushaiti underlined the Kingdom’s progress in protecting the environment, preserving natural resources, and achieving positive outcomes in global indicators. He called for collaboration to enhance environmental commitment through self-regulation, transparency, and coordinated efforts from all stakeholders.
He further emphasized that the environment is a comprehensive system that impacts every aspect of life and is closely intertwined with the economy, community health, and quality of life. As a result, it has become one of the government’s highest priorities.
"6 مليارات ريال حجم فرص الاستثمار في مشاريع الالتزام البيئي حتى 2030م": من أبرز ماجاء في كلمة معالي نائب الوزير في منتدى الالتزام البيئي، في الرياض. pic.twitter.com/OolQ2CDLWG
— وزارة البيئة والمياه والزراعة (@MEWA_KSA) February 25, 2024
Ministry’s environmental assessment and strategy
Al-Mushaiti also explained that since 2016, the Ministry has been assessing the current situation and formulating the National Environment Strategy. Through practical measures and initiatives, sustainable solutions have been implemented with the involvement of the private sector. These endeavors have led to the achievement of eco-friendly development goals. They have done so by adhering to environmental standards and requirements. Additionally, these efforts have successfully attracted investments in the environmental sector.
Moreover, Al-Mushaiti stated that the National Center for Environmental Compliance is exploring ways to increase opportunities and provide attractive incentives for capital investment in environmental service delivery projects.
First Environmental Compliance Forum
On February 25, 2024, Saudi Arabia initiated the inaugural Environmental Compliance Forum. The event aims to address the obstacles involved in promoting economic growth and diversification, aligning with the goals outlined in Saudi Arabia’s Vision 2030. The sessions of the forum will focus on unifying endeavors to bring about a transformative change in the national economy, all while safeguarding and conserving the Kingdom’s natural resources and habitats.
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