Saudi Arabia’s crown prince Mohammed bin Salman stated that the kingdom would contribute $2.5 million to a Green Initiative in the Middle East within the next ten year and will also host its headquarters.
Green Initiative for the Middle East
The Middle East Green Initiative, launched last year by the crown prince, aims to reduce carbon emissions from regional hydrocarbon production more than 60%.
It also plans to plant 50,000,000 trees in the Middle East, and to restore 200 million hectares degraded land. This initiative will help to reduce global carbon emissions by 2.5 percent.
What has been said:
The crown prince stated that the initiative aimed to encourage cooperation and coordination in the region to reduce carbon dioxide equivalent . This is the sum of all the countries’ nationally determined contributions to the initiative, which represents 10% of global contributions at the time it was announced.The Middle East Green Initiative is a program that aims to reduce carbon dioxide emissions from regional hydrocarbon production by over 60%. It also plans to plant 50 Billion trees in the Middle East and to restore 200 M hectares of land that has been damaged. This initiative will reduce global carbon levels by 2.5%.Saudi Arabia will rely on renewable energy for half of its electricity generation by 2030, according to the prince. This would eliminate 44 million tonnes carbon emissions by 2035, he said.He stated that Saudi Arabia’s Public Investment Fund will strive to achieve net zero by 2050. This is the first sovereign wealth fund of the Middle East, and the first global to do so.
Abdel Fattah El Sisi, President of Egypt, stressed that the MGI summit is an opportunity to increase cooperation between its member countries in order to mobilize more investment and create new financing mechanisms to combat climate change.