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RIYAD: The Red Sea project in Saudi Arabia received the “ESG Initiative of the Year” award in London for its sustainable approach.

The project was recognized by the Chartered Governance Institute UK and the Irish Awards 2021 at a ceremony held at a hotel in London.

The awards, which were hosted by BBC Breakfast presenter and Strictly Come Dancing nominee Dan Walker, recognize individuals, teams, projects and initiatives that help organizations better serve their stakeholders and society through innovative and exemplary governance.

The Red Sea project is being developed on the Saudi Red Sea coast by the Red Sea Development Company.

Sara Drake, CEO of the Institute, said: “Environmental, social and governance issues have occupied the time of senior executives considerably in recent years as the public has been quick to voice their feelings on ESG issues. .

“This award recognizes ESG initiatives that provide real and demonstrable benefit to organizations, their employees, customers and other stakeholders. Of all the initiatives shortlisted this year, the Red Sea Project was, according to the judges, the one that went the furthest beyond compliance and promised to have the most impact.

“The sustainability report linked to the project provides a comprehensive overview of the approach to mainstreaming sustainability into the company’s operations and the actions taken to meet commitments,” she said.

Drake said the project has received “green finance accreditation in recognition of its market-leading approach to social and environmental sustainability.”

Three other projects short-listed for the award included Savannah Energy, Vodafone Group and the World Business Council for Sustainable Development.