Russia will work on the Saudi Green Initiative, says sovereign wealth fund CEO

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Russia will work with Saudi Arabia to implement its Green Initiative that involves planting 10 billion trees, according to the chief executive of Russia’s sovereign wealth fund.

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The Russian Direct Investment Fund (RDIF) is “very impressed” with the Saudi Green Initiative announced by Crown Prince Mohammed bin Salman on Saturday, said its chief executive Kirill Dmitriev.

“RDIF will work jointly with Public Investment Fund and other investors to implement some of the key projects of this initiative,” said Dmitriev.

“Russia and Saudi Arabia will continue its strategic partnership in many areas including the Green Initiative,” he added.

The Green Initiative highlights the Kingdom’s drive to diversify its economy away from fossil fuels and repair some of the damage done by their use, and aims to reduce Saudi Arabia’s contribution to global carbon emissions by more than 4 percent.

By 2030, the Crown Prince aims to have 50 percent of the Kingdom’s electricity produced by renewable sources.

Dmitriev also praised Saudi Arabia’s Partner Program announced Tuesday, which the Crown Prince hopes will see the country’s private sector invest $1.3 trillion in order to help diversify the economy.

“Another important initiative by the Kingdom is the program to strengthen partnership with the private sector that will attract additional capital into the Saudi economy and ensure further growth and prosperity,” he said.

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