Crown Prince Mohammed bin Salman said on Monday that Saudi Arabia would contribute $2.5 billion to the Middle East Green Initiative over the next 10 years, and host its headquarters in the Kingdom, according to a report from Reuters.
The Middle East Green Initiative was launched by the crown prince last year as part of efforts to reduce regional carbon emissions. This year marks the second editions of the Middle East Green Initiative Summit and the Saudi Green Initiative Forums, which are to be held in Sharm El Sheikh in tandem with the global Climate Change Conference, known as COP27.
The MGI Summit will be held on Nov. 7, while the SGI Forum will be held on Nov. 11-12.
Saudi Arabia had said last year it aimed to contribute 15% of the $10.4 billion required for the fund’s clean energy projects. The crown prince also said the kingdom’s Public Investment Fund would aim for net-zero emissions by 2050, Reuters reports.
The Middle East Green Initiative aims to reduce carbon emissions from regional hydrocarbon production by more than 60%, and plans to plant 50 billion trees across the Middle East with a goal of reducing global carbon levels by 2.5%.
“I would like to thank His Excellency President Abdel Fattah El-Sisi and the Egyptian government for hosting the MGI Summit and SGI Forum in Egypt this year. We are holding them in tandem with COP27, an event bringing nations from around the world together under one roof, to advance global climate ambitions by inspiring joint activity at the local, regional, and international levels,” the crown prince said in October.
