Environmental protection key to getting investment, says Saudi minister

International banks will only fund major projects if they have green credentials, Saudi Arabia’s environment minister has warned.

Speaking at the Future Minerals Forum in Riyadh on Thursday, Abdulrahman Al Fadley talked up the importance of protecting the natural world while simultaneously diversifying the Kingdom’s economy.

Saudi Arabia is on a journey to move away from an over-reliance on oil as the driver for economic growth, as part of its Vision 2030 initiative.

Addressing delegates, Al Fadley said: “There is no contradiction to remaining committed to environmental demands and the economical growth.

He added: “The international banks determine the protection of the environment as one of the main requirements for funding major projects.”

Al Fadley was keen to emphasize the important role the private sector has in both helping Saudi Arabia diversify its economy and protecting the environment.

“The ministry wants to reinforce the effective partnership for the quality of life and the protection of the environment for this generation and coming generations,” he said, adding: “Protecting the environment and limiting pollution and protecting the ecosystems is a very important matter and to achieve sustainable growth with social and economical dimensions for the good of coming generations.”

The Future Minerals Forum is a special event bringing together ministers, organisations and mining leaders from more than 30 countries.

Hosted by the Saudi Ministry of Industry and Mineral Resources, is aimed at highlighting the role of mining in Saudi Vision 2030, after the government identified it as the third pillar of the Kingdom’s economy.