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Saudi Vision 2030

Saudi Arabia outlines $10.4 billion plans under Mideast Green Initiative

Published: Updated:

Saudi Arabia’s Crown Prince Mohammed bin Salman launched the Middle East Green Initiative on Monday which he said aims to secure 39 billion riyals ($10.4 billion) for an investment fund and clean energy project as part of efforts to reduce regional carbon emissions.

During his opening address at the summit, the Crown Prince announced that Saudi Arabia plans to introduce a fund to support a circular carbon economy. He also announced plans for the establishment of a Green Initiative Foundation as a non-profit organization to support the work of the summit in the future.

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The Crown Prince also announced two climate initiatives worth 39 billion Saudi riyals, of which Saudi Arabia contributes 15 percent.

Saudi Arabia announced that it will establish a cooperative platform to implement the concept of a carbon circular economy, a regional center for climate change, a regional community for carbon capture, use, and storage, a regional early storm warning center, a regional center for sustainable development for fisheries, and the establishment of a regional cloud seeding program.

The event on Monday was attended by several heads of state, including keynote speakers like John Kerry, US Special Presidential Envoy for Climate, Amina Mohammed, UN Deputy Secretary, Larry Fink, Chairman and CEO of BlackRock, Noel Quinn, Group Chief Executive of HSBC, United Kingdom and André Esteves, Senior Partner at BTG Pactual.

“The Middle East Green Initiative Summit will convene international and regional leaders to motivate consensus to deliver against shared environmental commitments. Springboarding from the national climate commitments enshrined in the Saudi Green Initiative, the Kingdom will work with its neighbors to combat climate change beyond its borders through collective action,” organizers said in a statement.

Several world leaders arrived in Saudi Arabia’s capital Riyadh on Sunday and Monday to attend the upcoming Middle East Green Initiative Summit that will be held in the Kingdom’s capital Monday, the official Saudi Press Agency (SPA) reported.

The summit on Monday comes after the Saudi Crown Prince launched the inaugural Saudi Green Initiative (SGI) Forum in Riyadh on Saturday, announcing that Saudi Arabia aims to reach net zero carbon emissions by 2060.

The Kingdom will also join the Global Methane Pledge to contribute to cutting global methane emissions by 30 percent by 2030, as part of its commitment to deliver a cleaner, greener future.

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