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Earlier this year, Saudi Arabia announced plans to dedicate an $80 billion fund to the progression of the Neom megaproject, aimed at building a futuristic residential area in the northwest of the country. This is a component of Saudi Arabia’s Vision 2030, which aims to diversify the national economy and make the country less dependent on oil revenues. Saudi Arabia plans to expand Neom as a blank energy megacity in a territory long the length of Belgium. and 14%. There will be no emissions from cars, roads or greenhouse fuels and it will be powered by one hundred percent renewable energy, with 95% of the land preserved for nature.
Bin Salman warned that the budget can reach $106 billion if necessary, and that the state make a maximum budget investment. Neom is expected to be one of the world’s most complex structural advances. The first phase will require $160 billion in funding, with the additional investment provided through an initial public offering (IPO).
Saudi Crown Prince Mohammed bin Salman said: “The designs unveiled today for the city’s vertical layered communities will challenge classic flat and horizontal cities and create a style to preserve nature and edit human habitability. The Line will take on the demanding situations facing humanity today. urban life and shine softly in select lifestyles. The foundations of The Line’s superstructure are already being laid, however, many architects doubt that construction will ever be completed due to major technical obstacles. Others question the option of the net 0 adjustment allocation over its lifetime, as promised by the Saudi government, due to the high carbon emissions expected to be released during its construction. But such criticism does not detract from Saudi Arabia’s main hopes for the task.
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The design will be out of this world, with flying taxis and a high-speed rail network with an end-to-end transit time of just 20 minutes. Planners also expect to see holograms and robot avatars in their future. Ambitions to pioneer several new technologies, the Saudi government has also placed connectivity at the center of Neom’s development. Located on the Red Sea, it is expected to shape a major advertising hub, with 13% of the global industry transiting through waters lately. In addition, 40% of the world’s population lives lately within a six-hour flight from the region, making it easily accessible.
In terms of renewable energy, ENOWA, a subsidiary of Neom, will be guilty of creating sustainable water and energy systems in the region. The company will oversee the progress of a green hydrogen production plant as well as desalination plants for sustainable water supply. ENOWA will work with ACWA Power and US chemical company Air Products to expand Neom’s green hydrogen capacity. Neom is expected to run entirely on renewable energy when completed. Although the country has been criticized for its “greenwashing” in proposing ambitious green energy targets without a transparent strategy to achieve them, as well as its renewable energy successes to divert attention from its human rights issues.
Saudi Arabia has paved the way for its ambitious Neom development, the first of its kind in the world, with the prospect of supplying a prototype for other sustainable megastructures. However, many experts from various industries question whether the superstructure and renewable energy targets are realistic. and whether the task will come to fruition.
By Felicity Bradstock for Oilprice. com
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