New Murabba, a company under the Public Investment Fund (PIF), revealed its Environmental, Social, and Governance (ESG) and Decarbonization strategies. These frameworks reflect New Murabba’s commitment to sustainable development and are in harmony with the Kingdom’s Vision 2030.
Decarbonization strategy aligned with national goals
According to a statement, the comprehensive decarbonization strategy developed by New Murabba outlines a definitive pathway toward a low-carbon future, resonating with the Saudi Commitment to Carbon Neutrality by 2060 and the PIF’s commitment to achieving operational net-zero emissions by 2050. This strategy aligns perfectly with the ambitious objectives of the Saudi Green Initiative, which aims to significantly lower greenhouse gas emissions, promote the adoption of renewable energy, enhance energy efficiency, utilize low-carbon materials, and embrace the principles of a circular economy.
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Collaborative development of ESG strategy
Crafted through extensive collaboration with employees, stakeholders, and leadership, New Murabba’s ESG strategy highlights its commitment to responsible and sustainable practices. This strategy delineates specific objectives and actions across three fundamental pillars:
Environment
Reducing environmental impact through initiatives such as carbon footprint reduction and responsible resource management.
Social
Generating a positive social impact by promoting diversity, equity, and inclusion, prioritizing worker safety and well-being, and adhering to strong ethical standards.
Governance
Enhancing corporate governance through effective risk management, transparency, accountability, and responsible leadership.
Commitment to carbon neutrality
Michael Dyke, CEO of New Murabba, expressed enthusiasm about the launch of their ESG and Decarbonization strategies, viewing it as a significant step in their mission to establish a sustainable urban destination. He further highlighted that their decarbonization strategy reflects a strong commitment to the Kingdom’s objective of achieving carbon neutrality by 2060. Dyke noted that New Murabba intends to lead by example, demonstrating how responsible development can bring about positive change for both the community and the planet. He also conveyed confidence that these strategies would enhance their environmental performance and create long-term value for investors and stakeholders.
Strengthening stakeholder confidence
New Murabba’s commitment to ESG principles and decarbonization enhances confidence among stakeholders who prioritize sustainable and impactful development. Moreover, the project’s proactive stance on sustainability makes it an appealing opportunity for those seeking enduring value and positive environmental and social outcomes.
Alignment with global sustainable development goals
These strategies are closely aligned with the United Nations Sustainable Development Goals (SDGs), particularly supporting key objectives such as SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action). Furthermore, by integrating sustainability into every aspect of its design and operations, New Murabba aims to set a benchmark for responsible urban development, inspiring similar initiatives throughout the Kingdom and beyond.
