15 Jun 2024
RIYADH: Saudi Arabia’s sovereign wealth fund has detailed its successful balancing of biodiversity conservation with its investment initiatives.
The Public Investment Fund highlighted its undertakings spanning diverse sectors, with a focus on sustainable, eco-friendly, and luxurious tourism, as well as responsible mining practices.
According to the UN, human activity, driven largely by unsustainable practices, is the primary driver behind an ongoing biodiversity crisis, with 44,000 species endangered, 70 percent of coral reefs at risk, and fertile land loss surging by 29 percent since 2000.
Saudi Arabia, home to a vast array of plant and animal species, is actively addressing these challenges.
In a statement, PIF emphasized its role as a major contributor to the Kingdom’s goals for protecting the environment, climate, natural resources, and biodiversity.
The fund pointed out that “it is possible to align successful and realist investment with environmental priorities.”
This holistic approach also promotes responsible investment in protected areas, particularly in nations rich in biodiversity – a commitment echoed by PIF as it strives to achieve Saudi Arabia’s environmental and biodiversity conservation goals.
One of the Kingdom’s wealth fund’s initiatives is Red Sea Global, which was established to develop tourist destinations in harmony with sustainable practices.
The giga-project has conducted extensive baseline studies of marine biodiversity in the Red Sea and Amala regions to inform strategic planning aimed at nurturing the region’s tourism sector while preserving its ecological balance.
Building on its environmental database, Red Sea Global aims to achieve a 30 percent positive biodiversity conservation return by 2040.
Its initiatives include species protection and habitat restoration efforts, supported by accolades such as the “Regional Sector Leader” award from the Global Real Estate Sustainability Index