The Kingdom of Saudi Arabia and the World Economic Forum’s (WEF) innovation platform, UpLink, have entered into two agreements to spark innovative global solutions to address urgent environmental and sustainability issues. These agreements were signed at the World Economic Forum Annual Meeting 2024 in Davos, Switzerland, by His Excellency Faisal F. Alibrahim, Saudi Arabia’s Minister of Economy and Planning, and Børge Brende, President of the World Economic Forum. The focus of these agreements is on ‘Stimulating Innovation for a Positive Ocean Economy’ and ‘Fostering Innovation for a Beneficial Circular Carbon Economy (CCE).’

The purpose of these agreements is to cultivate innovation ecosystems centred around early-stage impact entrepreneurs. This is to encourage investments and support for pioneering solutions that tackle critical sustainable development challenges, including ocean degradation, loss of biodiversity, and the circular carbon economy. This initiative is led by the Ministry of Economy and Planning (MEP), in collaboration with the Ministry of Energy, the Ministry of Environment, Water and Agriculture (MEWA), the Saudi Green Initiative (SGI), and the WAVE Initiative under FII.

Commenting on the signing of the new agreements at the World Economic Forum Annual Meeting 2024, His Excellency Alibrahim said, “Saudi Arabia is determined to meet this moment of deepening climate and sustainable development challenges with responsible environmental stewardship and driving transformative investments in breakthrough, innovative and scalable technological solutions. By expanding our collaboration with UpLink, we are doubling down on our commitment to support climate-positive solutions that can help build a sustainable and resilient resource future, while unlocking inclusive economic growth opportunities, in line with the Kingdom’s commitment to realizing the sustainable development agenda at the national and international level.”

John Dutton, Head of UpLink, highlighted the urgency of addressing the climate emergency, underscoring the importance of rapid, coordinated action. “Innovative solutions from early-stage entrepreneurs are crucial for realizing the Sustainable Development Goals. UpLink, in partnership with global collaborators, is developing a supportive ecosystem for these entrepreneurs, providing vital resources, exposure, expertise, and funding. This enhanced partnership between UpLink and Saudi Arabia demonstrates the transformative impact of innovation and collaboration,” Dutton added.

Expanding on the MEP-UpLink collaboration initiated in 2022, this fresh agreement propels initiatives such as the ‘Arid Climate Food Ecosystems Challenge’ and the ‘Intelligent Climate Farmers Challenge,’ which were previously introduced with MEWA. These challenges drew in more than 430 entries, culminating in 22 victors who were acknowledged for their innovative and influential solutions. The winners were awarded funding, worldwide recognition, and access to events hosted by WEF and its partners.