Saudi Arabian and British officials convened in London to discuss joint ventures in urban development, eco-friendly technology, and the financing of infrastructure. The UK-Saudi Sustainable Infrastructure Summit, which took place on June 24, saw the gathering of over 250 industrial and financial leaders from both nations, including notable participants from massive giga-projects.
Following strong bilateral ties, the two countries inked an agreement in late 2022 to bolster collaboration on green finance, aligning with Saudi Arabia’s pursuit of responsible investment for its transformative large-scale projects.
With the objective of reducing carbon emissions by 278 million tonnes per year by 2030 and enhancing renewable energy capacity by 50 percent, the Kingdom is dedicated to achieving its ambitious environmental targets.
The Lord Mayor of the City of London, Alderman Professor Michael Mainelli, remarked,
This summit provides an exceptional forum for exchanging and applying insights from Saudi Arabia’s progressive Vision 2030 sustainable development agenda. The Kingdom’s investment in infrastructure, including 14 new giga-projects, is unparalleled in the Middle East region.
He further noted the potential global impact of merging Saudi investment with London’s sustainable finance expertise.
The summit, a collaborative effort by the Saudi British Joint Business Council, the City of London Corporation, and hosted at Plaisterers’ Hall, focused on urbanization, eco-friendly urban development, and funding strategies, emphasizing the growth of green technologies and renewable energy systems.
High-ranking Saudi representatives, led by the Ministry of Investment and the Federation of Saudi Chambers, attended the event, which continues the Saudi-UK dialogue on clean energy and decarbonization in the industry.
The summit also built upon the recent Great Futures event in Riyadh, showcasing the active involvement of UK firms in Saudi Vision 2030 projects that aim to revolutionize economic sectors and enhance giga project implementations.
Supported by NEOM and Saudi Awwal Bank as lead sponsors, the summit highlighted the critical importance of Saudi-UK cooperation in developing sustainable infrastructure to foster the green transition.
Mainelli expressed his enthusiasm for hosting the pivotal summit, emphasizing the global necessity for sustainable infrastructure to address climate change, spur economic growth, and guarantee the provision of essential services such as transportation, energy, and water.
The panel discussions at the summit explored ways to close the investment gap, implement intelligent urban planning for robust and habitable communities, and increase initiatives in green technology and renewable energy.