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Market Insight 3 Core Decarbonization Projects in Saudi Arabia

From Ahlam Rais 4 min Reading Time

Many countries across the globe are committing to fast-track their decarbonization projects in order to achieve net-zero emissions by 2050, in line with the Paris Agreement’s goal of limiting global warming to 1.5°C. The Kingdom of Saudi Arabia is part of this global effort but it distinguishes itself by building mega projects that are set to become landmark examples of sustainable transformation.

With its strategic ‘Vision 2030’ plan announced in 2016, Saudi Arabia aims to diversify its economy by investing in sectors such as tourism, technology and industry, reduce its reliance on oil, and transform the country into a cleaner and more sustainable economy. (Source: © Peter Hermes Furian - stock.adobe.com)
With its strategic ‘Vision 2030’ plan announced in 2016, Saudi Arabia aims to diversify its economy by investing in sectors such as tourism, technology and industry, reduce its reliance on oil, and transform the country into a cleaner and more sustainable economy.
(Source: © Peter Hermes Furian - stock.adobe.com)

The Kingdom of Saudi Arabia is leaving no stone unturned to make the country the next big destination for sustainable transformation. With its strategic ‘Vision 2030’ plan announced in 2016, Saudi Arabia aims to diversify its economy by investing in sectors such as tourism, technology and industry, reduce its reliance on oil, and transform the country into a cleaner and more sustainable economy. Spearheaded by Crown Prince Mohammed bin Salman, the comprehensive ‘Vision 2030’ plan also includes many crucial national initiatives such as the ‘Saudi Green Initiative’ (SGI).

The ‘Saudi Green Initiative’ was introduced in 2021; it aims to slash emissions and boasts of prominent mega projects such as the famous Neom project. This project includes Oxagon, a groundbreaking octagonal-shaped floating industrial city under development within the Neom region. Oxagon will also be the host for one of the world’s largest green hydrogen plants.