Saudi Arabia will contribute $2.5 billion to a green initiative in the Middle East over the next 10 years.
Speaking from the UN climate change summit COP 27 in Sharm el-Sheikh, Egypt, Saudi Arabia’s Crown Prince Mohammed bin Salman committed the funds to the green initiative and said the headquarters for the initiative will be hosted in Saudi Arabia.
The Middle East Green Initiative was launched by Saudi Arabia’s Crown Prince last year as part of efforts to reduce regional carbon emissions. The Middle East Green Initiative aims to reduce carbon emissions from regional hydrocarbon production by more than 60 percent.
Saudi Arabia plans to rely on renewables for 50 percent of its electricity generation by 2030, the prince said at COP 27. He said the nation will remove 44 million tonnes of carbon emissions by 2035.
Saudi Arabia last year said it aimed to contribute 15 percent of the $10.4 billion required for the fund’s clean energy projects.
The Crown Prince also said that the Kingdom’s sovereign wealth fund, the Public Investment Fund, will also aim for net-zero carbon emissions by 2050.
The green initiative also aims to plant 50 billion trees across the Middle East and restore an area equivalent to 200 million hectares of degraded land. The initiative will reduce global carbon levels by 2.5 percent.
Saudi Arabia announced 66 new initiatives as part of its environmental plan at COP 27.
The Kingdom has developed the initiatives according to four main pillars: the circular carbon economy; raising vegetation cover and reducing degraded lands; protecting wildlife habitats and biodiversity, and promoting sustainability.
The Saudi Green Initiative was announced by Crown Prince Mohammed bin Salman last year, and launched its second edition of the forum at COP 27, with a large pavilion dedicated to the Kingdom’s pioneering climate efforts.
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