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Saudi Arabia commits $2.5 billion to Middle East green initiative: Crown Prince Mohammed bin Salman


SHARM EL SHEIKH: Saudi ArabiaPrince Mohammed bin Salman said on Monday the kingdom would contribute $2.5 billion to a green initiative in Middle East for the next 10 years, and set up its headquarters.
The Middle East Green Initiative given by Prince crown last year as part of efforts to reduce carbon emissions in the region.
Last year, Saudi Arabia said it wanted to contribute 15% of the $10.4 billion needed for the fund’s clean energy projects.
Crown Prince, known as MbSThe kingdom’s Public Investment Fund also said it would set a target to reduce net emissions by 2050.
The Green Middle East Initiative aims to reduce carbon emissions from hydrocarbon production by more than 60% in the region.
It also plans to plant 50 billion trees across the Middle EAst and restore an area equivalent to 200 million hectares of degraded land. This initiative will help reduce global carbon levels by 2.5%.
The crown prince said that Saudi Arabia plans to rely on renewable energy for 50% of its electricity production by 2030, eliminating 44 million tons of carbon emissions by 2035.

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