As economies worldwide slowed due to the COVID-19 pandemic and related lockdowns, many governments have turned to infrastructure investments to stimulate sustainable and climate-friendly economic recovery. Last year, the Middle East and North Africa (MENA) region accounted for 134 projects with a total value of $51.3 billion. The tally for the first quarter of 2021 stands at 61 projects with a total value of $49 billion with oil and gas, and power in the top-performing sectors.
The diversification plans of the energy-rich GCC countries are opening substantial investment opportunities in the sustainable infrastructure sector. For example, Saudi Arabia's ambitious $500 billion NEOM smart city will include a 100% renewable energy system.
COVID-19 stimulus has also opened opportunities for rebuilding and future-proofing existing and old assets suffering productivity challenges or vulnerable to climate change in a sustainable manner through programs like building retrofits and smart cities
Last month, the UN said that investments in sustainable infrastructure to the tune of $120 trillion would be needed over the next 30 years if the target of zero carbon emissions by 2050 is to be reached.
Read the full story at Khaleej Times