New Murabba, a company of Saudi sovereign wealth fund PIF, has announced the launch of its groundbreaking Environmental, Social, and Governance (ESG) and Decarbonisation strategies on the occasion of International ESG Day, reinforcing the company's commitment to sustainable development and aligning with the Kingdom’s Vision 2030.
New Murabba’s comprehensive decarbonisation strategy charts a clear path toward a low-carbon future, echoing the goals set out in the Saudi Commitment to Carbon Neutrality by 2060 and the PIF's pledge for net zero operational emissions by 2050.
This approach aligns seamlessly with the targets of the Saudi Green Initiative, aiming to significantly reduce greenhouse gas emissions, champion renewable energy adoption, optimize energy efficiency, utilize low-carbon materials, and embrace circular economy principles, said the company in a statement.
Developed through collaboration with employees, stakeholders and leadership, New Murabba’s ESG strategy underscores its dedication to responsible and sustainable practices.
The Saudi PIF company said its strategy delineates clear objectives and actions across three core ESG aspects.
Environment focuses on minimising environmental impact through initiatives such as carbon footprint reduction and responsible resource management, it added.
New Murabba CEO Michael Dyke said: "We’re proud to launch our ESG and Decarbonisation strategies, marking a significant milestone in our journey toward creating a sustainable urban destination. Our decarbonization strategy is a testament to our dedication to supporting the Kingdom’s vision for a carbon-neutral future by 2060."
"New Murabba is committed to leading by example, demonstrating how responsible development can drive positive change for both our community and the planet," stated Dyke.
"We are confident that these strategies will enhance our environmental performance and create long-term value for our investors and stakeholders," he noted.
According to Dyke, Social is aimed at creating a positive social impact by fostering diversity, equity, and inclusion, prioritizing worker well-being and safety, and upholding strong ethical standards.
Governance emphasises the strengthening of corporate governance through robust risk management, transparency, accountability, and responsible leadership.
New Murabba said its dedication to ESG principles and decarbonisation strengthens confidence among stakeholders who prioritize sustainable and impactful development.
The project’s proactive approach to sustainability positions it as an attractive prospect for those seeking long-term value and positive environmental and social outcomes, it stated.
These strategies are linked to the United Nations Sustainable Development Goals (SDGs), supporting key goals such as SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action), it added.-TradeArabia News Service
