Saudi Arabia to Contribute $2,5 Billion to the Middle East Green Initiative

Over the next 10 years, Saudi Arabia will contribute $2,5 billion to the Middle East Green Initiative, Crown Prince Mohammed bin Salman said on Monday.

The Middle East Green Initiative was founded by the Crown Prince in 2021 in an attempt to cut carbon emissions from regional hydrocarbon production by more than 60 percent. Its other aims include planting 50 billion trees across the Middle East.

The Crown Prince noted that reaching these ambitious goals requires regional cooperation.

According to Mohammed bin Salman, Saudi Arabia expects to rely on renewable sources of energy for one half of its electricity generation by 2030. The measure will remove 44 million tons of carbon emission by 2035.

In Sharm El-Sheikh, Egypt, which hosted COP-27 climate change conference, the Crown Prince also stated that the Saudi Public Investment Fund will be the first sovereign fund to strive to achieve net-zero carbon emissions by 2050, which shows that Saudi Arabia is a key global player in supporting measures to combat climate change.