المملكة: 5 basic pillars of the guide to disclosing sustainability practices in the water sector

The Saudi Water Authority has launched a guide for disclosing sustainability practices (ESG) in the water sector, towards achieving Saudi Vision 2030 and enhancing environmental, social and governance sustainability.
The guide is based on environmental initiatives to reuse water, improve energy efficiency, reduce the carbon footprint, raise community awareness, build capabilities and empower the community with initiatives that improve the quality of life.
In addition to enhancing governance in research and innovation, raising the level of transparency according to the highest standards, and national and global harmonization in terms of business compatibility with local and global best practices, while providing a roadmap to ensure the sustainability of water supplies.

Sustainability practices

The guide seeks to align business needs with the priorities of sustainability practices (ESG), with the need to integrate the priorities of sustainability practices (ESG) into the entity’s operations, strategy, and the nature of its work to achieve impactful results and ensure long-term results.
The commitment at the highest level required senior management support for sustainability initiatives by establishing a dedicated supervisory committee or integrating sustainability-related responsibilities within the work of existing committees to ensure the effective implementation of these initiatives.
He stressed the allocation of sustainability responsibilities and clearly defining sustainability responsibilities across the various departments to ensure compatibility with the entity’s objectives and service for the public interest, in terms of defining the main roles and identifying the individuals or teams responsible for following up on initiatives and integrating sustainability practices into daily operations, which contributes to strengthening these efforts across all levels. Collaborate across departments and develop mechanisms to ensure effective coordination between them.

The sustainability implementation and reporting methodology is based on accuracy, clarity, balance, comparability and comprehensiveness, with a timeline and applicability.
In a related context, the Public Investment Fund program is a strategic axis within Saudi Vision 2030, as it aims to enhance economic diversification in the Kingdom by transforming the Public Investment Fund into one of the largest sovereign funds in the world.

Investment in water

The program’s mission is to drive investment in various sectors, both locally and internationally, to enhance economic growth and reduce the Kingdom’s dependence on oil revenues.
The Public Investment Fund program plays a vital role in the water sector by investing in water infrastructure projects, water desalination, wastewater treatment, and water recycling technologies.

These investments are essential to ensure sustainable management of water resources, improve water security, and support the development of the economy to be more resilient and diversified. The Public Investment Fund operates under the supervision of the Council of Economic and Development Affairs by directing capital to the water sector. It also addresses the immediate needs of water scarcity and conservation, and also contributes to the creation of a sustainable and innovative water industry.
The guide also aims to attract new investments as increased transparency enhances trust among stakeholders and attracts sustainable investments; This strengthens the credibility of the water sector, and facilitates access to long-term green financing options on favorable terms.