The Red Sea Project developer TRSDC has announced the results of its first ESG assessment, used as a benchmark by global investors, after achieving an overall score of 84 out of 100.
The Global Real Estate Sustainability Benchmark (GRESB) assessed the Red Sea Project against standardised targets for ESG. TRSDC scored 49 out of 51 in the environmental category, far higher than the average score of 34 out of 51.
GRESB awarded a high score to TRSDC due to its strong environmental governance structure, as well as its environmental protection and enhancement efforts.
TRSDC scores 84 out of 100
“Since the project’s conception, sustainability has been our guiding principle for design and development, informing every single decision that is made,” said John Pagano, CEO of TRSDC.
“This award is a real testament to all our hard work and unwavering commitment to become the world’s first truly regenerative tourism project.”
TRSDC scored 100 out of 100 for areas including materials, waste management and water use, with pioneering techniques used to offset the environmental impact of the Red Sea Project.
Raed Albasseet, head of corporate environment and sustainability at TRSDC, said the group is taking measures “to really integrate environmental protection and enhancement measures”.
Sustainability at the Red Sea Project
“Critical evaluation of the construction and delivery of the project holds us to account at every step and ensures we are going above and beyond to not only protect the environment but enhance it for generations to come,” said Albasseet.
“This achievement is particularly important to us because it underpins our steadfast commitment to the environment and recognizes the enormous steps we have already taken in our quest to set new standards in sustainability,” added Pagano.
The Red Sea Project is on track to launch by the end of 2022. Earlier this year, TRSDC secured the first ever Riyal-based $3.76 billion green finance loan facility with four Saudi banks.
Images: TRSDC
