By innovation-sa on October 28, 2017 in News
Public Investment Fund (PIF) has announced the establishment of National Energy Efficiency Services Co., with a capitalization of SR1.9 billion. According to a statement by the Saudi Press Agency(SPA), the new company has been established to stimulate the growth of the Kingdom’s energy efficiency industry, in line with the objectives of Vision 2030 to diversify the economy and boost environmental sustainability.
In association with the ministries of energy and finance, and the Saudi Energy Efficiency Center, the new company will offer investment opportunities to the business sector through public-private partnerships.
Projects in Saudi Arabia’s energy efficiency sector have an estimated value of SR42 billion, or around SR3 billion annually.
The company will fund and manage restoration programmes of government and public buildings, which represent over 70 percent of overall projects in the sector. These projects will help reduce government spending on the electricity sector, which will in turn reduce natural resource consumption while rationalizing capital investments in expansion projects for the production, generation, transmission, and distribution of electricity.
PIF also revealed plans to establish a recycling company, which will offer the opportunity to recycle around 85 percent of recyclable waste produced in the Kingdom. This can be utilized as a source of alternative energy in manufacturing.
Preliminary studies indicated that out of the 50 million tons of recyclable materials produced in the Kingdom, only around 10 percent are recycled, while the rest are disposed through landfill sites, deeply damaging the environment.
The three major cities, Riyadh, Jeddah, and Dammam contribute to more than 40 percent of recyclable waste materials in the Kingdom.