Vision 2030: All you need to know about Saudi Arabia’s giga-projects

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The Qiddiya project aims to be a destination where Saudis can find excitement, inspiration, creative communities and opportunities for investment and work. (Supplied)
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The Red Sea Project has been described as one of the world’s most ambitious tourism and hospitality projects, aimed at setting new standards in sustainable development and redefining the world of luxury tourism. (Supplied)
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The Qiddiya project aims to be a destination where Saudis can find excitement, inspiration, creative communities and opportunities for investment and work. (Supplied)
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The Red Sea Project has been described as one of the world’s most ambitious tourism and hospitality projects, aimed at setting new standards in sustainable development and redefining the world of luxury tourism. (Supplied)
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Amaala is another giga-project planned for Saudi Arabia, and aims to focus on ultra-luxury ‘wellness tourism’ and the arts. (Supplied)
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The Red Sea Project has been described as one of the world’s most ambitious tourism and hospitality projects, aimed at setting new standards in sustainable development and redefining the world of luxury tourism. (Supplied)
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Amaala is another giga-project planned for Saudi Arabia, and aims to focus on ultra-luxury ‘wellness tourism’ and the arts. (Supplied)
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The Red Sea Project has been described as one of the world’s most ambitious tourism and hospitality projects, aimed at setting new standards in sustainable development and redefining the world of luxury tourism. (Supplied)
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NEOM is a giant zone being developed in the northwest of Saudi Arabia with $500 billion investment support from the public investment fund (PIF). (Supplied)
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Amaala is another giga-project planned for Saudi Arabia, and aims to focus on ultra-luxury ‘wellness tourism’ and the arts. (Supplied)
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The Red Sea Project has been described as one of the world’s most ambitious tourism and hospitality projects, aimed at setting new standards in sustainable development and redefining the world of luxury tourism. (Supplied)
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The Red Sea Project has been described as one of the world’s most ambitious tourism and hospitality projects, aimed at setting new standards in sustainable development and redefining the world of luxury tourism. (Supplied)
Updated 11 May 2019
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Vision 2030: All you need to know about Saudi Arabia’s giga-projects

  • Huge developments aim to put Kingdom on global tourism map
  • Work on first development in $500bn NEOM zone set to complete in 2020

RIYADH: Saudi Arabia is making sincere efforts towards economic, social and cultural diversification with the works in progress on giga-projects, which are designed to be places of inspiration, discovery and fruitful engagements for the millennial generation.

The biggest development projects till date: Qiddiya Entertainment City, NEOM, the Red Sea Project and Amaala resort will shape the future of tourism as an important hub to meet and satisfy the recreational, social and cultural needs of the Kingdom’s current and future generations.

Crown Prince Mohammad bin Salman in 2016 mandated the development of long-term model of prosperity for the Kingdom and the result was Vision 2030, an ambitious yet attainable blueprint to ensure that Saudi Arabia is a vibrant society, a thriving economy and a progressive nation.

These developments are part of the Crown Prince’s ambitious plan Saudi Vision 2030 that aims to diversify the economy, away from a dependency on oil and society with varied and rich experience of a quality lifestyle including world class tourism.

In response to multiple societal challenges including limited entertainment options, demographic and social change, careers in a world beyond oil, and public health, the Public Investment Fund (PIF), a sovereign wealth fund owned by Saudi Arabia has been tasked with developing the series of “giga-projects.”




Qiddiya city has been named after the Aba Al-Qid road (Camel Trail) that used to connect Al-Yamama to Hijaz. (Supplied)

QIDDIYA

The Qiddiya project aims to meet these challenges by providing a destination where Saudis find excitement, inspiration, creative communities and career and investment opportunities.

Qiddiya city has been named after the Aba Al-Qid road (Camel Trail) that used to connect Al-Yamama to Hijaz. When completed Qiddiya will become a place to live, work and play, a prominent landmark and an important hub to meet and satisfy the recreational, social and cultural needs of the kingdom’s current and future generations.

Qiddiya, an important hub planned in the Saudi capital to fulfill the recreational and entertainment needs of the people, will see the launch of the construction phase this year. Qiddiya CEO Mike Reininger told Arab News in January: “2019 will see Qiddiya move from the planning and design phase to the construction phase.”

The Qiddiya site is 40 kilometers from the center of Riyadh city. When completed, this prominent landmark is expected to be the world’s largest entertainment city, surpassing Walt Disney World in Florida.

The ambitious project hopes to attract local, regional and international tourists. It includes theme parks, entertainment centers, sports amenities capable of hosting international competitions, training academies, desert and asphalt tracks for motorsport enthusiasts, water- and snow-based recreation, adventure activities alongside nature and safari experiences, and an array of historical, cultural and educational activities and events.

Visitors will have access to more than 300 recreational and educational facilities designed around five cornerstones of development that drive the strategy: Parks and attractions, sports and wellness, motion and mobility, nature and environment, and arts and culture.




The area earmarked for the NEOM project offers excellent prospects for leisure tourism, combining the Red Sea, beautiful beaches and islands and unspoiled natural beauty. (Supplied)

NEOM

NEOM, is a giant zone being being developed in the northwest of Saudi Arabia with a $500 billion investment support from the Public Investment fund (PIF).

The project, which has been described as “the destination for the future of living,” will stretch across the Egyptian and Jordanian borders and aims to transform the Kingdom into an international pioneering example, through introduction of value chains of industry and technology.

The area earmarked for the NEOM project offers excellent prospects for leisure tourism, combining the Red Sea, beautiful beaches and islands and unspoiled natural beauty.

The origin of the name is a combination of the Latin word “neo” meaning “new,” and the first letter “m” of the Arabic word “mustaqbal” which means “future”.

NEOM, which was announced in 2017 and is in a pristine position on the Red Sea, is expected to focus on luxurious living, and will include high-end hotels and villas. Moreover, homes in the development will be marketed to both regional and international buyers.

Saudi Arabia announced in January this year that it will start developing the first urban area of the zone after the founding board, chaired by Crown Prince Mohammed bin Salman, approved the master-plan for NEOM Bay, which will include homes, lifestyle and tourist facilities, and “innovation centers.” Construction work was expected to start in the first quarter of 2019 and will be completed in 2020.

“We are now preparing for the development of NEOM Bay area, which will provide a new concept of urban living that will enable it to become a platform for attracting the world’s top minds for creating advanced economic sectors,” said Nadhmi Al-Nasr, NEOM chief executive, in January.

In late January, Saudi Arabia established a company to develop NEOM. The closed joint-stock NEOM Company will be fully owned by the PIF and will develop the vast project, which will include multiple cities, airports, a seaport, tourist areas, industrial complexes and “innovation centers.”

According to Al-Nasr, the new entity will be responsible for developing a new global destination from scratch on a huge area and a futuristic civilization that is based on sustainability and livability.

“All this aims to turn NEOM into a global center for attracting investment, knowledge, innovation and technology in order to compete with all economic capital cities,” he said.

NEOM’s economic prospects will focus on 16 sectors: Energy, water, mobility, bio-tech, food, manufacturing, media, entertainment, culture, and fashion, technology including digital, tourism, sport, design and construction, services, health and well-being, education and liveability.




The Red Sea Project will set new standards in sustainable development and redefine the world of luxury tourism with objectives to position the Kingdom on the global tourism map. (Supplied)

THE RED SEA PROJECT

The Red Sea Project, one of the giga-projects announced by the crown prince in 2017, is billed as one of the the world’s most ambitious tourism and hospitality projects: An ultra-luxury destination that is being created around one of the world’s hidden natural treasures.

The Red Sea Project will set new standards in sustainable development and redefine the world of luxury tourism with objectives to position the Kingdom on the global tourism map.

Once completed, visitors will be able to explore the wonders and rich cultural heritage of Saudi Arabia’s untouched Red Sea Coast.

This is a touristic project that includes more than 90 unspoiled islands located between the cities of Umluj and Al-Wajh. It covers a number of the Red Sea’s untouched islands and a nature reserve containing regional flora and fauna.

Situated between the cities of Umluj and Al Wajh on the west coast of Saudi Arabia, the site is strategically located at the crossroads of Europe, Asia, the Middle East and Africa and within eight hours’ flying time of 80 percent of the world’s population.

The vision of the project includes creating an exquisite ultra-luxury destination within a pristine 28,000 sq km area that includes an archipelago of more than 90 unspoiled islands, volcanoes, desert, mountains, nature and culture.

The project is planned to set new standards for sustainable development and environmental protection, exceed expectations with the highest standards of service excellence and use technology to enable a seamless personalized experience that will position Saudi Arabia on the global tourism map.

The project offers a secure and stable environment for investors within the world’s fastest growing tourism region. In December 2018 King Salman received a team from the Red Sea Development Company (TRSDC), led by CEO John Pagano at Al-Yamama Palace in Riyadh that gave a progress report on the ambitious tourism and leisure project with a presentation detailing the master plan and its economic and developmental objectives, which aim to establish it as a leading global destination in the luxury tourism sector.

The first phase of the project, scheduled for completion in 2022, includes 14 luxury and hyper-luxury hotels providing 3,000 rooms across five islands and two inland resorts on the Kingdom’s west coast, an airport to serve the destination, and marinas, along with residential properties and recreational facilities.

By the time the project is completed, there will be 22 developed islands out of a total of 90 islands.

It is expected to create 70,000 jobs and play a significant role in driving economic diversification in the Kingdom by attracting nearly a million visitors a year and contributing SR22 billion to the country’s GDP.

Notably, plans to develop the project have been given the green light. The TRSDC has received final approval from its board of directors for the program’s master plan in January this year.

Commenting on it Pagano said: “With the master plan approved, we are now identifying investors and partners who are interested in working with us on realizing the objectives of the project and who share our commitment to enhance, not exploit, the natural ecosystems that make the destination so unique.”

Significantly, the Red Sea project ensures protection of ecology. As part of the planning process, major environmental studies were carried out to ensure that the area’s sensitive ecology was protected both during and after completion of the development.

Furthermore, the master plan is underpinned by an extensive smart destination management system that will support a wide range of personalized products and services designed to appeal to the modern luxury traveler.

The TRSDC employed the world’s first destination-scale computer simulation techniques, created in Saudi Arabia, to assess the impact of the development and future tourism on the environment. The resulting plan now targets a 30 percent net increase in biodiversity over the next two decades, a conservation equivalent to designating the site as a marine protection area.

Technology also underpins the destination’s sustainability initiatives, with a suite of sensors and monitoring devices in place to track and measure variations in environmental factors such as water salinity, temperature, visibility and tidal flows.

“The leadership of the Kingdom has shown great foresight in its insistence on balanced development of this pristine destination,” said Pagano. “Our plan not only envisions a stunning luxury destination, it also takes tangible, measurable steps to enhance that destination for future generations to enjoy and cherish.”




The Amaala resort, already being dubbed the Riviera of the Middle East, will be focused upon wellness and healthy living. (Supplied)

AMAALA

The Amaala project is another global destination aims to focus on ultra-luxury “wellness tourism” and the arts alongside other Red Sea mega-projects NEOM, a 26,500 square mile business zone and Saudi Arabia’s answer to Silicon Valley currently under development in the northwest of the kingdom and the Red Sea project.

This ultra-luxurious destination on the Kingdom’s northwestern coast of the Red Sea has been announced by the PIF, which is spearheading the project and will provide initial funding. Partnership and investment packages will be available to the private sector as it progresses.

The “Amaala” resort, already being dubbed the “Riviera of the Middle East,” will be focused upon wellness and healthy living. The resort will be located in the Prince Mohammed bin Salman Nature Reserve. PIF said Amaala will sit alongside NEOM and the Red Sea Project as part of a giga-projects investment portfolio, which will establish a unique “tourism ecosystem,” supporting economic diversification and creating high-value job opportunities.

Nicholas Naples, a veteran luxury hospitality and development executive, will be the CEO of the project, PIF said in September 2018.

“Amaala will awaken the world’s imagination by rephrasing the current concept of the luxury tourism experience, especially in terms integrative wellness, specialty treatments and related recreational offerings,” Naples said at the time.

“Amaala represents a unique and transformational luxury experience where full-fledged wellness tourism is integrated alongside a curated mix of arts, culture and sports offerings that are individually tailored for the ultra-luxury lifestyle, including the availability of  a fashion scene, healthy-living services, and year-round sea expeditions,” Naples added.

According to the developers, Amaala will feature “extraordinary architecture and unprecedented luxury in both hotels and private villas as well as a quaint retail village.”

It will also include an arts academy that will foster the growth and development of young artists from Saudi Arabia and the region.

PIF announced there will be cultural events, artistic performances and related conferences in a bid to bring international visitors to the region, where they can enjoy a wide array of unique and personalized holiday experiences set against stunning scenery, mountainous landscapes and diving among pristine coral reefs.

The project will include marinas and a yacht club and aims to be a destination for boutique luxury cruises.

The retail areas will include a mix of galleries, ateliers, artisan workshops and bespoke outlets along with a wide range of international and local restaurants.

As envisioned in Vision 2030, Amaala – along with the other giga-projects — will support the diversification of Saudi Arabia’s leisure and tourism industry, while promoting cultural conservation, ecological preservation and sustainability.


Saudi Arabia launches company to transform Asir into global tourism hub

Updated 14 November 2024
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Saudi Arabia launches company to transform Asir into global tourism hub

RIYADH: Saudi Arabia’s Asir region has launched a new tourism venture through a partnership with the aim of creating a holding company to transform the area into a global tourist destination.

The collaboration between Aseer Investment Co., a subsidiary of the Public Investment Fund, and Rikaz Real Estate, aligns with the goal of transforming Asir into a world-class tourist destination that combines authentic heritage with sustainable development, according to the Saudi Press Agency.

The holding company seeks to contribute to enhancing a tourism environment that enriches guests’ experiences with unique offerings, connecting visitors to local culture and community traditions, SPA reported.

It is also committed to promoting sustainable tourism by protecting the environment, developing local communities, and collaborating with artisans and local businesses to preserve the authenticity of Asir’s heritage.

In October, the Kingdom’s Abha city secured a new investment partnership to boost tourism by developing culturally rich dining and retail experiences. 

PIF firm Aseer Investment Co. signed the deal with Nimr Real Estate and the National Co. for Tourism, or Syahya, to propel the project, the Saudi Press Agency reported. 

This aligns with the objectives of developing Abha, which will offer a range of benefits, including retail stores that reflect the cultural heritage of the Asir region.

The partnership also seeks to be a model for multiple collaborations with private sector investors and create more regional job opportunities.

Investments in the region are expected to create between 14,000 and 18,000 job prospects and contribute to up to 6 percent of the non-oil gross domestic product within 10 years, as outlined by AIC Chief Executive Osama Al-Othman in February.

Saudi Arabia emerged as a leader in tourism growth among G20 nations, experiencing a 73 percent increase in international visitors in the first seven months of 2024 compared to 2019.

According to the UN World Tourism Barometer report in September, the Kingdom welcomed 17.5 million international tourists during this timeframe, showcasing its growing allure as a global travel destination.

This surge is part of the nation’s Vision 2030 initiative, which aims to diversify the economy and reduce dependence on oil revenues.

“Saudi Arabia cements its global leadership and takes the first spot among G20 countries in international tourist arrivals growth, with a 73 percent increase in the first seven months of 2024 compared to the same period in 2019,” stated the Saudi Tourism Ministry on X.

Under the National Tourism Strategy, the Kingdom aims to attract 150 million visitors by 2030 and increase the sector’s contribution to the nation’s gross domestic product from 6 percent to 10 percent.

These goals reflect the country’s commitment to strengthening its tourism sector and enhancing its global appeal.


IMF, Saudi Arabia announce new annual conference tackling global economic challenges

Updated 14 November 2024
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IMF, Saudi Arabia announce new annual conference tackling global economic challenges

RIYADH: The International Monetary Fund and Saudi Arabia will jointly organize a high-level annual conference in AlUla to discuss global economic challenges, it has been announced.

The AlUla Conference for Emerging Market Economies will bring together a select group of finance ministers, central bank governors, and policymakers, along with leaders from the public and private sectors, representatives from international institutions, and members of academia.

According to a joint statement by Kristalina Georgieva, managing director of IMF and the Minister of Finance Mohammed Al-Jadaan, the first edition of this series will be held from Feb. 16-17, 2025.

“The world is confronting deeper and more frequent shocks, including from conflicts, geoeconomic fragmentation, pandemics, climate change, food insecurity, and the digital divide,” according to the statement.

They continued: “If not addressed adequately, these shocks put at risk emerging market economies’ hard-won improvements in living standards. Such setbacks would affect large segments of the world population and put at risk global growth and macro-financial stability.”

The gathering will offer a platform to exchange views on domestic, regional, and global economic developments and discuss policies and reforms to spur inclusive prosperity and build resilience supported by international cooperation.

Recent economic issues affecting the global landscape include rising inflation rates, driven by supply chain disruptions and increased demand for goods post-pandemic.

Supply chain delays continue to impact the availability of essential products, causing bottlenecks in manufacturing and increasing costs.

Additionally, geopolitical conflicts, such as the war in Gaza, have disrupted energy supplies and food exports, leading to global food insecurity and fuel price volatility.

Concerns over the using the Red Sea shipping lane increased dramatically at the end of 2023, when Houthi militants stepped up attacks on vessels in the wake of the escalation of the Israel-Hamas conflict.

The effects of these challenges pose significant risks to economic stability, especially for emerging markets that are more vulnerable to such global shocks.

The AlUla conference is the latest example of the growing relationship between Saudi Arabia and the IMF, with the organization in April establishing its first office in the Middle East and North Africa region in Riyadh.

The facility was launched during the Joint Regional Conference on Industrial Policy for Diversification, jointly organized by the IMF and the Ministry of Finance, on April 24.

The new office aims to strengthen capacity building, regional surveillance, and outreach to foster stability, growth, and integration, thereby promoting partnerships in the Middle East and beyond, according to the Saudi Press Agency.

The work hub will promote closer collaboration between the IMF and regional institutions, governments, and other stakeholders, according to the SPA report.

The IMF also expressed its gratitude to the Kingdom for its financial contribution aimed at supporting capacity development in member countries, including fragile states.


Closing Bell: Saudi Arabia’s TASI ends in the red, trading volume hits $2.95bn

Updated 14 November 2024
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Closing Bell: Saudi Arabia’s TASI ends in the red, trading volume hits $2.95bn

RIYADH: The Tadawul All Share Index concluded the last session of the week at 11,791.18 points, down by 139.27 points or 1.17 percent.

The MSCI Tadawul 30 Index also saw a decline, dropping 19.18 points to close at 1,481.36, reflecting a 1.28 percent loss. In contrast, the parallel market Nomu finished Thursday’s trading at 29,467.71 points, up 262.18 points or 0.90 percent.

TASI reported a trading volume of SR11.10 billion ($2.95 billion), with 51 stocks advancing and 182 declining. The top performer of the day was Saudi Cable Co., which saw its share price surge by 5.10 percent to SR92.70.

Other strong performers included Shatirah House Restaurant Co., which gained 3.75 percent to reach SR21, and Arabian Mills for Food Products Co., which rose by 3.08 percent to SR53.60. Naseej International Trading Co. and Saudi Real Estate Co. also posted notable gains.

The worst performer was Saudi Real Estate Co., which dropped 4.94 percent to close at SR10. Alkhaleej Training and Education Co. and Red Sea International Co. also suffered significant losses, with their share prices falling by 4.90 percent to SR29.10 and 4.84 percent to SR68.80, respectively. Astra Industrial Group and Al-Omran Industrial Trading Co. were also among the day’s largest decliners.

On the parallel market, Nomu, Alqemam for Computer Systems Co. was the top gainer, rising by 9.57 percent to SR103. Other gainers included Dar Almarkabah for Renting Cars Co., which climbed 9.10 percent to SR42.55, and Horizon Educational Co., which rose by 7.58 percent to SR79.50. Mulkia Investment Co. and Knowledge Tower Trading Co. also saw significant increases.

On the losing side of Nomu, WSM for Information Technology Co. recorded the largest drop, with its share price falling by 6.18 percent to SR44. Osool and Bakheet Investment Co. and Natural Gas Distribution Co. also experienced notable declines, with their shares dropping by 5.37 percent to SR37.85 and 5 percent to SR57, respectively.

 


Leaders stress urgent need for climate finance at COP29 ministerial dialogue

Updated 14 November 2024
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Leaders stress urgent need for climate finance at COP29 ministerial dialogue

RIYADH: Global climate finance continues to fall short of expectations, as leaders gathered at the COP29 Ministerial Dialogue on Climate Finance to address ongoing challenges and map out next steps.

The meeting, held in Baku, Azerbaijan, underscored the urgent need for increased and more effective funding mechanisms. COP29 President Mukhtar Babayev emphasized that climate finance plays a central role in the broader negotiations.

“The urgency of the situation is evident,” Babayev remarked, pointing to the severe impacts of climate change observed over the past year. “Recently, we witnessed catastrophic flooding in Spain, and in the Pacific region, island communities are faced with the possibility of being wiped out entirely. We must act now; failure to do so will have grave human and economic costs.”

The president stressed the importance of fulfilling the $100 billion-per-year commitment made in Copenhagen and reiterated in Paris, urging leaders to reflect on lessons learned and consider the quality and allocation of financial resources.

Developing countries once again voiced the need for tangible action, with Fiji’s Deputy Prime Minister Biman Prasad highlighting the importance of aligning climate finance with the goals of the Paris Agreement.

“This is a ‘put your money where your mouth is’ moment,” Prasad said. “The 1.5°C temperature goal and the Paris Agreement itself will not be deliverable from both an economic and scientific perspective if we do not invest right. The New Collective Quantified Goal is critical for aligning our priorities and addressing major inconsistencies,” he added.

The EU reaffirmed its commitment to climate finance, noting that the $100 billion goal was first collectively met in 2022, with contributions reaching $115.9 billion.

“The EU and its member states contributed €28.5 billion, or around $30 billion, in climate finance from public sources,” a representative said. “Almost half of the public funding came in the form of grants, with a significant portion provided on concessional terms. We need to make further efforts to facilitate the mobilization of private funding, as it remains a key source of climate finance,” the representative added.

Simon Stiell, executive secretary of the UN Framework Convention on Climate Change, emphasized the critical juncture at which the global community now finds itself.

“The huge opportunities we have and the terrible risks we face are real,” Stiell said. “It’s time to take action to bridge gaps, solve problems, and come together to ensure climate finance and climate action benefit everyone.”

Sweden also announced a significant new contribution, with Ministerial representatives unveiling an $8 billion Swedish krona ($723.6 million) pledge to the second replenishment of the Green Climate Fund.

“This makes Sweden the largest per capita donor to the GCF among the larger donors,” the Swedish representative noted.

As discussions progressed, leaders acknowledged the widening gap between current financial commitments and the funds required to meet the 1.5°C target. There were calls for more robust mobilization of both public and private finance.

The COP29 president concluded: “Delivering the climate fairness that developing countries need is one of the main metrics of shared success. We can learn from past efforts to inform the road ahead, but significant determination and leadership from all parties are required to bridge these critical gaps.”


IsDB, multilateral banks aim for $120bn in annual climate finance by 2030

Updated 14 November 2024
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IsDB, multilateral banks aim for $120bn in annual climate finance by 2030

RIYADH: Multilateral development banks are aiming to mobilize $120 billion annually by 2030 for climate financing in low- and middle-income countries, according to recent projections.

This ambitious funding goal includes $42 billion dedicated to climate adaptation efforts, with an additional $65 billion expected to come from private sector investments.

The target was unveiled in a joint statement issued during COP29 in Baku, Azerbaijan, by several prominent MDBs, including the Islamic Development Bank, African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Development Bank of the Council of Europe, the European Bank for Reconstruction and Development, and the European Investment Bank. Additionally, the Inter-American Development Bank, the New Development Bank, and the World Bank Group are part of the initiative.

The statement emphasized that setting a strong, collective climate finance target is crucial to meeting the goals of the Paris Agreement.

“A new collective quantitative target on climate finance that is both strong and ambitious is essential to achieving the Paris Agreement’s objectives,” the statement read. “We urge parties to reach a robust conclusion on this target.”

For high-income countries, the MDBs have set a target of $50 billion in annual climate finance, including $7 billion specifically for adaptation, with private sector mobilization expected to generate an additional $65 billion. This new target builds on the success of previous climate finance goals, with MDBs already surpassing their climate financing projections for 2025. Since 2019, the MDBs have increased direct climate finance by 25 percent and doubled climate mobilization efforts over the past year.

In response to the urgent need for enhanced climate action, the MDBs also emphasized the importance of establishing a new collective quantitative target for climate finance at COP29. The institutions highlighted their commitment to ensuring that the finance provided leads to meaningful, measurable impacts on both climate mitigation and adaptation.

To further enhance the effectiveness of climate finance, the MDBs released the “Common Approach to Measuring Climate Outcomes,” a framework that provides standardized indicators for tracking global progress on climate mitigation and adaptation. This framework aims to better align MDB activities with global climate goals and improve transparency in measuring outcomes.

Additionally, the MDBs published their “Country Climate Action Platforms,” reaffirming their commitment to strengthening collaboration between host countries, MDBs, donors, and the private sector. These platforms are designed to ensure that climate finance is targeted effectively and that developing countries have the support they need to implement robust climate policies.

COP29 has emerged as a critical moment in global climate negotiations, especially for the Global South, where developing nations are pushing for significant climate financing, stronger adaptation measures, and equitable policy outcomes. These countries continue to advocate for a climate finance framework based on the principle of common but differentiated responsibilities, recognizing that nations’ contributions should reflect their respective capabilities and historical responsibilities.