25 Jun 2024
RIYADH: Collaborations in city development, green technologies, and infrastructure financing were discussed by officials from Saudi Arabia and the UK at a special event in London.
The UK-Saudi Sustainable Infrastructure Summit, held on June 24, brought together over 250 leaders from the industry and financial sectors of both countries, along with key representatives from major giga-projects.
This follows robust bilateral relations, with both countries signing an agreement in late 2022 to enhance cooperation on green finance, as Saudi Arabia increasingly seeks ethical funding for its transformative giga-projects.
The Kingdom has committed to ambitious climate goals, including a target to reduce carbon emissions by 278 million tonnes annually by 2030 and to increase renewable energy generation capacity by 50 percent.
The Lord Mayor of the City of London Alderman Professor Michael Mainelli said: “This summit offers an excellent platform to adopt and share knowledge gained from Saudi Arabia’s ambitious Vision 2030 sustainable development plans. Saudi Arabia is investing more in infrastructure than any other country in the Middle East region, including in 14 new giga-projects.”
He added: “This investment, combined with the City of London’s expertise and leadership in sustainable finance, can set a global template for sustainable development.”
The summit, organized by the Saudi British Joint Business Council in collaboration with the City of London Corp. and hosted at Plaisterers’ Hall in London, centered on discussions about urbanization, sustainable city development, and financing strategies, highlighting the expansion of green technologies and renewable energy solutions.
The event was attended by a high-level Saudi delegation led by the Ministry of Investment and the Federation of Saudi Chambers. It builds on prior SBJBC and COLC gatherings, reinforcing the established Saudi-UK dialogue on clean energy development and decarbonization in the business sector.
It also follows the recent Great Futures event held by the UK in Riyadh, underscoring increasing participation by UK companies in Saudi Vision 2030 initiatives aimed at transforming economic sectors and advancing giga project development.
The event, supported by lead sponsors NEOM and Saudi Awwal Bank, underscores the importance of UK-Saudi cooperation in developing sustainable infrastructure and advancing the green transition.
“I’m delighted to host this crucial summit. Sustainable infrastructure around the world is essential to tackling climate change, boosting economic development, and ensuring access to vital provisions such as transport, energy, and water,” said Mainelli.
The panels delved into bridging the investment gap, utilizing smart urban planning for resilient and livable communities, and expanding initiatives in green technology and renewable energy