RIYADH: Saudi Arabia’s Red Sea Project received “ESG Initiative of the Year” award in London for its sustainable approach. The project was honored by the Chartered Governance Institute UK and Ireland’s 2021 Awards at a ceremony held in a London hotel. The awards, which were hosted by BBC Breakfast presenter and Strictly Come Dancing contestant Dan Walker, recognize those individuals, teams, projects and initiatives that help organizations to 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, chief executive of the Institute said: “Environmental, social and governance issues have occupied the time of senior leaders considerably in recent years, with the public quick to make its feelings about ESG issues known. “This award recognizes those ESG initiatives which are of real, demonstrable benefit to organizations, their employees, customers and other stakeholders. Of all the initiatives shortlisted this year the Red Sea Project was, the judges felt, the one which went the furthest beyond compliance and which promised to be the most impactful.” “The sustainability report linked to the project provides a comprehensive overview of the approach to integrating sustainability within the company’s operations and the measures taken to deliver on commitments, she said. Drake said the project has been awarded a “green financing accreditation in recognition of its market leading approach to social and environmental sustainability. Three other projects shortlisted for the award included Savannah Energy, Vodafone Group and the World Business Council for Sustainable Development.