Saudi Arabia commits $2.5 billion to green initiative in Middle East, says Crown Prince Mohammad bin Salman


SHARM EL SHEIKH: Crown Prince of Saudi Arabia Mohammad bin Salman said on Monday that the kingdom would contribute $2.5 billion to a green initiative in the Middle East over the next 10 years and host its headquarters.
The Green Initiative in the Middle East was launched by the Heir prince last year as part of efforts to reduce regional carbon emissions.
Saudi Arabia said last year it aimed to contribute 15% of the $10.4 billion needed for the fund’s clean energy projects.
The Crown Prince, known as MoSalso said the kingdom’s Public Investment Fund would target net-zero emissions by 2050.
The Middle East Green Initiative aims to reduce carbon emissions from regional hydrocarbon production by more than 60%.
It also plans to plant 50 billion trees across the Middle East and restore an area equivalent to 200 million hectares of degraded land. The initiative will help reduce global carbon levels by 2.5%.
Saudi Arabia plans to rely on renewable energy for 50% of its electricity generation by 2030, the prince said, cutting 44 million tonnes of carbon emissions by 2035.



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